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:

a. $5.85

b. $9.62

c. $12.61

d. $15.27