Merck inc. is maintain the investment management cell and attempting to value call option and put option with maturity of 90 days with common exercise price of 40. The current price of stock in market in market is $38.75, which is also paying the dividend on quarterly basis that is $0.48 bi-monthly. Considering the risk fee rate of 4.6% and implied volatility of 30%. a. Based on the Black Scholes, Estimate the value of the call and put options. b. how the dividend paying effects the value of put and call value and Why this effect is substantial??