MUST use the attached Normal Distribution table.

What is the price of a call option if the underlying stock price is $81, the strike price is $90, the underlying stock volatility is 50 percent, and the risk-free rate is 3 percent? Assume the option has 2 months to expiration.

• Is this call option in the money or out of the money? Explain
• Find the time value of this call option
• Find the price of a put option with the same strike price and maturity
• Is this put option in the money or out the money?
• Find the time value of this option.