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