The value of real option calculated using volatility of revenue ________ the true value of the real option in the presence of fixed cost, because volatility of revenue is _________ compared to volatility of profit.

Consider the following data on a European call option.

S	30
X	25
r	0.02
T	0.75
sigma	0.20

Calculate the delta of the option. Round to two decimal places.

	a.	0.19
	b.	0.08
	c.	0.89
	d.	0.95