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The current price of a stock is $18. In 1 year, the price will be either $28 or $16. The annual riskfree rate is 7%.

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The current price of a stock is $18. In 1 year, the price will be either $28 or $16. The annual riskfree rate is 7%. The data has been collected in the Microsoft Excel Online file below. Open the spreadsheet and perform the required analysis to answer the question below. Open spreadsheet Find the price of a call option on the stock that has a strike price is of $24 and that expires in 1 year. (Hint: Use daily compounding.) Assume 365-day year. Do not round intermediate calculations. Round your answer to the nearest cent

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