Question: 6 - 1 2 :A one - year call option contract on Cheesy Poofs Co . stock sells for $ 1 , 2 8 0

6-12:A one-year call option contract on Cheesy Poofs Co. stock sells for $1,280. In one year, the stock will be worth $60 or $81 per share. The exercise price on the call option is $73. What is the current value of the stock if the risk-free rate is 2 percent? (Do not round intermediate calculations and round your answer to 2 decimal places, e.g.,32.16.)

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