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　　A cash-or-nothing call (also known as a digital call) pays a fixed amount to the buyer if the asset finishes above the strike price. Assume that at the end of a l-year investment horizon, the stock is equal to $50, the fixed payment amount is equal to $45, and N(d1) and N(d2) from the Black-Scholes-Merton model are equal to 0.9767 and 0.9732, respectively. The value of this cash-or-nothing call when the risk-free rate equals 3% is closest to:
　　A. $5.
　　B. $42.
　　C. $44.
　　D. $47
　　Answer:B
　　Since the Black-Scholes-Merton formula denotes N(d2) as the probability ofthe asset price being
　　above tte strike price， the value of a cash-or-nothing call is equal to:
　　QN(d2 )e-rt= $45e-o_o3 x 0.9732 = $42.50