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ou are attempting to value a call option with an exercise price of $ 1 0 7 and one year to expiration. The underlying stock

ou are attempting to value a call option with an exercise price of $107 and one year to expiration. The underlying stock pays no dividends, its current price is $107, and you believe it has a 50% chance of increasing to $123 and a 50% chance of decreasing to $91. The risk-free rate of interest is 12%. Calculate the call options value using the two-state stock price model. (Do not round intermediate calculations. Round your final answer to 2 decimal places.)

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