15.13. what is the price of a european call option on a non-dividend-paying stock when the stock price is $52, the strike price is $50, the risk-free interest rate is 12% per annum, the volatility is 30% per annum, and the time to maturity is 3 months? 15.14. what is the price of a european put option on a non-dividend-paying stock when the stock price is $69, the strike price is $70, the risk-free interest rate is 5% per annum, the volatility is 35% per annum, and the time to maturity is 6 months?

A call option, commonly referred to as a "call" in finance, is an agreement between the buyer and the seller to exchange securities for one another at a predetermined price. The buyer of a call option has the right, but not the obligation, to purchase an agreed-upon quantity of a specific good or financial product (the underlying) from the option's seller at a specific time (the expiration date) for an agreed-upon price. By doing this, the owner effectively acquires a long position in the given asset. If the purchaser so chooses, the seller (or "writer") is obligated to sell the good or financial instrument to the purchaser. The seller now has a short position in the given asset as a result.

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