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Option Price = $1

Stock Price = $20

Stock Price = $18

Option Price = $0

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1000

1000

900

900

Low Volatility Case

= .20 per year

800

700

Asset Price ($)

Asset Price ($)

700
600
500
400

Risk Free
Return

300

600
500
400

200

100

100
0

10

Risk Free
Return

300

200

High Volatility Case

= .40 per year

800

12

Time (years)

Time (years)

10

12

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