第三小题中的和第二小题的call option value计算出来不一样

问题如下：

With respect to the replicating strategies, which scenario is most likely correct:

选项：

A.Scenario 1. B.B.Scenario 2. C.C.Scenario 3.

解释：

The $19.25 price of the call option exceeds its value of $15.44, as calculated based on both the no-arbitrage approach and the expectations approach. Accordingly, the replicating strategy per 100 shares is to (1) sell 1 option, (2) buy h shares, and (3) borrow h * (up/down factor price + up/down call payoff).

The call option calculations follow:

• No-arbitrage approach:

Hedge ratio h=(35-0)/(135-75)=0.5833

Call Option value