1. The following data relates to call options for three (3) shares

Particulars	Share X	Share Y	Share Z
Month of expiration	3 Months	9 Months	12 Months
Standard Deviation ()	35%	40%	45%
Exercise Price (E)	50	55	60
Market Price (P)	45	45	45

The risk free rate lies in the range between 5% and 9%

Required

Using a risk free rate of your choice from the range given;

1. Calculate the value of each call option. (8 Marks)
2. Which of the three could you prefer if they are actually exclusive? (2 Marks)