A share of ARB stock sells for $80 and has a standard deviation of returns equal to 20% per year. The current risk-free rate is 9% and the stock pays two dividends: (1) a $2 dividend just prior to the option's expiration day, which is 91 days from now (i.e., exactly one-quarter of a year), and (2) a $2 dividend 182 days from now (i.e., exactly one-half year). Calculate the Black-Scholes value for a 91-day European-style call option with an exercise price of $72. Use the modified model that assumes the dividend yield is paid continuously. Do not round intermediate calculations. Round your answer to the nearest cent.

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answer ARB StockCurrent Price S 0 80Standard Deviation 20Risk free rate r 9Time to expiry T 91 days 025 years as explained in the question in dividend ... View the full answer