Question 6 5 p What does the term dy in the Black-Scholes formula represent? It represents the risk-free probability of an up move. It represents the risk-free probability of a down move. It represents the likelihood that a European put option is exercised. It represents the likelihood that a European call option is exercised. It represents the probability that the asset value at expiration is less than its initial value It represents the probability that the asset value at expiration exceeds the strike. Question 7 5 pt