You are an employee at L3 Corporation and have just been awarded stock options. The options have a vesting period of five years and an exercise price of $50.L3 stock has an implied volatility of 22 percent and does not pay a dividend. If the current stock price is $48 and the risk-free rate is 4 percent, the per share value of your options is closest to: $5.85 $9.62 $12.61 $15.27