Question: THE ANSWER IS NOT $0.73 !!! Please show steps for the correct answer (NOT $0.73) Binomial Model The current price of a stock is $18.

THE ANSWER IS NOT $0.73 !!! Please show steps for the correct answer (NOT $0.73)

Binomial Model The current price of a stock is $18. In 1 year, the price will be either $24 or $16. The annual risk-free rate is 4%. Find the price of a call option on the stock that has a strike price of $19 and that expires in 1 year. (Hint: Use daily compounding.) Assume a 365-day year, Do not round intermediate calculations. Round your answer to the nearest cent

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