A B C D E F G H I J K L M N O

1 Call with dividends

2
3 should say $40 call
4 Input data
5 Stock price $48.58
6 Exercise price $40 begin date end date duration
7 Duration 0.4410958904 8/9/2002 1/17/2003 161
8 Interest rate 3.92% Duration Volatility
9 dividend rate 0 $13.85 $13.85
10 volatility 73.282% vol of 73.3% does job 1 0.1
11 2 0.2
12 Predicted 3 0.3
13 Call price = $13.85 4 0.4
14 put $4.58 5 0.47
15 6 0.5
16 7 0.6
17 Other quantities for option price 8 0.7
18 d1 0.6781808508 N(d1) 0.7511715 9 0.8
19 d2 0.1914788153 N(d2) 0.5759248 10 0.9
20 1

Exhibit 28