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Question 9 1 pts The price of a stock is $20. The continuously-compounded risk-free interest rate is 5% per annum. There is a dividend of

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Question 9 1 pts The price of a stock is $20. The continuously-compounded risk-free interest rate is 5% per annum. There is a dividend of $3 to be paid in 6 months. What, to the nearest cent, is the lower bound for the time value of a two-year European call option on the stock with a strike price of $15? (hint: it should be equal to the lower bound of the option value minus the intrinsic value, and it could be a negative number. Your answer should be in the unit of dollar, but without the dollar sign. For example, if your answer is $1.02. just enter 1.02.)

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