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A one-year call option contract on Cheesy Poofs Company stock sells for $1,170. In one...

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Accounting

A one-year call option contract on Cheesy Poofs Company stock sells for $1,170. In one year, the stock will be worth $49 or $70 per share. The exercise price on the call option is $62. What is the current value of the stock if the risk-free rate is 3 percent? (Do not round intermediate calculations and round your answer to 2 decimal places, e.g.,32.16.)

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