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The current stock price is $ 2 0 , the risk - free interest rate is 5 % per annum ( consecutive compounding ) ,

The current stock price is $20, the risk-free interest rate is 5% per annum (consecutive compounding), and the volatility is 15% per annum. Calculate the price of a European call option with a maturity of 3 months and an exercise price of $21. However, this stock is assumed to be non-dividend.

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