The Spreadsheet Shoppe

Black-Scholes (European Dividend)

12/31/2009

Option Inputs
Market Price 3.00
Strike Price 15.00
Today's Date 7/1/2010
Expiration Date 7/1/2015
Risk-Free Interest Rate 8.00%
Annual Dividend Yield 10.00%
Volatility 100.00%
Days in Year 365

Option Outputs Time to Expire

Days Months Years
1826 60 5

Option Price
Call 0.8609
Put 9.0944

Components
D1 0.3540
D2 -1.8826
06/10/2024 Summary of Volatility Calculation

Volatility Calculation
The Spreadsheet Shoppe
###

Volatility Inputs
Ticker PAYX
Date of Evaluation 8/14/2010
Source Yahoo.finance
Column Close
Data is Daily
Beginning Date 8/13/2009
Ending Date 8/13/2010

Output
Volatility 20.9698%

file:///conversion/tmp/activity_task_scratch/762813122.xls
06/10/2024 Detail of Volatility Calculation 3 of 7

Date Open High Low Close Volume Adj Close

8/13/2010 24.79 25.05 24.66 24.97 2895200 24.97
8/12/2010 24.73 24.92 24.65 24.78 2846100 24.78
8/11/2010 25.32 25.36 24.93 24.97 3623100 24.97
8/10/2010 25.64 25.84 25.29 25.61 3196700 25.61
8/9/2010 25.73 25.86 25.65 25.75 2359500 25.75
8/6/2010 25.55 25.74 25.31 25.56 3515000 25.56
8/5/2010 25.85 25.91 25.62 25.81 4722600 25.81
8/4/2010 25.96 26.1 25.88 25.91 5189900 25.91
8/3/2010 26.09 26.17 25.85 25.95 4238100 25.95
8/2/2010 26.31 26.31 26.04 26.12 4447100 26.12
7/30/2010 25.83 26.07 25.81 25.99 6424700 25.99
7/29/2010 26.75 26.88 25.92 26.12 5395900 26.12
7/28/2010 27 27.24 26.92 26.93 4114200 26.62
7/27/2010 26.97 27.29 26.94 27.08 3914300 26.77
7/26/2010 26.61 26.93 26.52 26.93 2754100 26.62
7/23/2010 26.17 26.69 26.01 26.64 3353000 26.33
7/22/2010 25.93 26.54 25.93 26.32 2783400 26.02
7/21/2010 26.36 26.4 25.7 25.78 3865300 25.48
7/20/2010 25.62 26.35 25.5 26.32 3618100 26.02
7/19/2010 25.79 26.13 25.7 26.03 2985900 25.73
7/16/2010 26.34 26.53 25.67 25.67 4845800 25.37
7/15/2010 26.37 26.55 26.14 26.51 4286500 26.2
7/14/2010 26.04 26.39 25.92 26.36 5910200 26.06
7/13/2010 26.01 26.13 25.71 26.06 5584700 25.76
7/12/2010 25.97 26.23 25.56 25.75 6790600 25.45
7/9/2010 26.28 26.35 26.14 26.28 3085600 25.98
7/8/2010 26.09 26.27 25.84 26.24 3855500 25.94
7/7/2010 25.15 26.03 25.09 26.02 5957700 25.72
7/6/2010 25.64 25.74 24.89 25.16 10545900 24.87
7/2/2010 26.05 26.1 25.36 25.47 6288500 25.18
7/1/2010 25.85 26.07 25.56 25.99 8890800 25.69
6/30/2010 26.05 26.25 25.78 25.97 4845500 25.67
6/29/2010 26.39 26.41 25.83 26 6117500 25.7
6/28/2010 26.51 26.76 26.41 26.6 2718000 26.29
6/25/2010 26.72 26.89 26.35 26.51 4574500 26.2
6/24/2010 26.94 27.3 26.5 26.78 6566700 26.47
6/23/2010 27.75 27.94 27.33 27.42 5529800 27.1
6/22/2010 28.23 28.38 27.69 27.73 3902300 27.41
6/21/2010 28.51 28.87 28 28.15 3123500 27.83
6/18/2010 28.67 28.73 28.28 28.33 4658400 28
6/17/2010 28.97 28.97 28.4 28.67 3936000 28.34
6/16/2010 28.76 28.97 28.6 28.88 2250400 28.55
6/15/2010 28.34 28.98 28.26 28.97 2837700 28.64
6/14/2010 28.63 28.74 28.18 28.23 3450800 27.91
6/11/2010 28.2 28.44 27.93 28.36 4000500 28.03
6/10/2010 28.32 28.71 28.12 28.59 3399200 28.26
6/9/2010 27.99 28.44 27.9 27.95 2366400 27.63
6/8/2010 27.64 27.98 27.53 27.91 3419800 27.59
6/7/2010 27.98 28.17 27.59 27.62 3038500 27.3
6/4/2010 28.44 28.67 27.89 27.97 2884100 27.65
6/3/2010 29.02 29.14 28.75 29.07 2244800 28.74
6/2/2010 28.26 28.86 28.02 28.86 2383100 28.53
6/1/2010 28.39 28.8 28.16 28.22 2173500 27.9
5/28/2010 28.8 28.92 28.41 28.54 2785200 28.21
5/27/2010 28.71 28.92 28.57 28.8 3709100 28.47
5/26/2010 28.91 29.29 28.19 28.35 5507500 28.02

file:///conversion/tmp/activity_task_scratch/762813122.xls
06/10/2024 Detail of Volatility Calculation 4 of 7

Date Open High Low Close Volume Adj Close

5/25/2010 28.56 28.8 28.33 28.8 6308500 28.47
5/24/2010 29.35 29.55 28.99 28.99 4726400 28.66
5/21/2010 28.67 29.48 28.5 29.45 7331900 29.11
5/20/2010 29.05 29.33 28.86 28.92 7666100 28.59
5/19/2010 29.75 30.03 29.47 29.6 4044300 29.26
5/18/2010 30.23 30.39 29.63 29.75 2397900 29.41
5/17/2010 29.64 30.07 29.52 29.99 3061700 29.64
5/14/2010 30.01 30.26 29.3 29.46 3324800 29.12
5/13/2010 30.48 30.68 30.08 30.1 2836400 29.75
5/12/2010 30.35 30.66 30.09 30.59 2429700 30.24
5/11/2010 30.16 30.64 30.07 30.25 3028000 29.9
5/10/2010 29.41 30.38 29.41 30.38 4394600 30.03
5/7/2010 29.17 29.45 28.65 28.95 7453500 28.62
5/6/2010 30.06 30.48 28.11 29.25 5675800 28.91
5/5/2010 30.4 30.79 30 30.16 2338600 29.81
5/4/2010 30.81 30.85 30.18 30.44 2976100 30.09
5/3/2010 30.6 30.98 30.46 30.95 2772400 30.59
4/30/2010 31.05 31.05 30.56 30.57 2919500 30.22
4/29/2010 30.81 30.92 30.56 30.89 3073900 30.53
4/28/2010 31.36 31.56 31.02 31.12 2618500 30.46
4/27/2010 31.7 31.91 31.18 31.25 2850400 30.58
4/26/2010 31.69 31.84 31.55 31.76 1781800 31.08
4/23/2010 31.52 31.76 31.28 31.72 2185500 31.04
4/22/2010 31.25 31.55 31.02 31.53 2168000 30.86
4/21/2010 31.29 31.42 31.13 31.4 1844200 30.73
4/20/2010 31.25 31.43 31.09 31.38 1629600 30.71
4/19/2010 30.79 31.11 30.71 31.08 2651700 30.42
4/16/2010 31.16 31.22 30.78 30.82 4133600 30.16
4/15/2010 31.39 31.39 31.1 31.22 2225300 30.55
4/14/2010 31.08 31.4 31.05 31.39 1596100 30.72
4/13/2010 31.16 31.21 30.92 31.14 1530700 30.47
4/12/2010 31.2 31.22 30.94 31.11 2204200 30.45
4/9/2010 30.9 31.24 30.79 31.22 1987800 30.55
4/8/2010 30.45 30.96 30.4 30.9 3878700 30.24
4/7/2010 31 31.15 30.55 30.65 3006200 30
4/6/2010 31.01 31.09 30.88 30.98 2188900 30.32
4/5/2010 30.78 31.2 30.71 31.08 2657900 30.42
4/1/2010 30.72 30.9 30.47 30.72 4108200 30.06
3/31/2010 30.93 31.03 30.68 30.72 3136400 30.06
3/30/2010 31.15 31.35 30.93 31.06 2956500 30.4
3/29/2010 31.27 31.47 31 31.19 2661200 30.52
3/26/2010 31.07 31.43 31.04 31.21 4416700 30.54
3/25/2010 31.57 31.85 30.99 31.07 8069400 30.41
3/24/2010 32.68 32.75 32.28 32.34 3920500 31.65
3/23/2010 32.82 32.82 32.47 32.76 2078600 32.06
3/22/2010 32.06 32.58 32.02 32.49 2052300 31.8
3/19/2010 32.68 32.75 32.01 32.17 4713200 31.48
3/18/2010 32.49 32.62 32.35 32.47 2635400 31.78
3/17/2010 32.28 32.55 32.25 32.43 2871100 31.74
3/16/2010 32.5 32.6 32.19 32.29 2834100 31.6
3/15/2010 32.2 32.46 32.02 32.44 1971400 31.75
3/12/2010 31.91 32.23 31.75 32.13 2254800 31.44
3/11/2010 31.64 31.89 31.58 31.88 1411900 31.2
3/10/2010 31.54 31.9 31.51 31.79 2325400 31.11
3/9/2010 31.25 31.63 31.16 31.5 2231200 30.83
3/8/2010 31.22 31.46 31.02 31.25 2282700 30.58

file:///conversion/tmp/activity_task_scratch/762813122.xls
06/10/2024 Detail of Volatility Calculation 5 of 7

Date Open High Low Close Volume Adj Close

3/5/2010 30.5 31.21 30.42 31.12 2704700 30.46
3/4/2010 30.49 30.51 30.19 30.33 2387500 29.68
3/3/2010 30.38 30.52 30.12 30.36 2881600 29.71
3/2/2010 30.27 30.33 29.93 29.99 2477900 29.35
3/1/2010 30.24 30.39 29.86 30.29 2315000 29.64
2/26/2010 29.92 30 29.7 29.94 2317000 29.3
2/25/2010 29.91 30.03 29.57 29.8 3686100 29.16
2/24/2010 30.31 30.57 30.18 30.31 3428300 29.66
2/23/2010 30.03 30.46 29.85 30.09 2559200 29.45
2/22/2010 30.23 30.43 30.15 30.29 1501300 29.64
2/19/2010 30.13 30.28 29.93 30.23 2641600 29.58
2/18/2010 30.17 30.32 30.05 30.16 2416200 29.52
2/17/2010 30 30.12 29.92 30.08 1870800 29.44
2/16/2010 29.87 29.91 29.5 29.87 1797900 29.23
2/12/2010 28.97 29.63 28.97 29.53 3620700 28.9
2/11/2010 29 29.51 28.82 29.43 2460500 28.8
2/10/2010 29.07 29.24 28.82 29.08 1812000 28.46
2/9/2010 29.13 29.35 28.89 29.11 2877200 28.49
2/8/2010 28.71 29.09 28.71 28.86 2798700 28.24
2/5/2010 28.95 29.08 28.5 28.94 4116700 28.32
2/4/2010 29.25 29.33 28.85 28.98 4839000 28.36
2/3/2010 29.51 29.63 29.3 29.48 2423100 28.85
2/2/2010 29.36 29.62 28.97 29.51 3507200 28.88
2/1/2010 29.14 29.35 29 29.32 5189400 28.69
1/29/2010 29 29.31 28.96 28.99 6691300 28.37
1/28/2010 29.07 29.3 28.62 28.87 4935300 28.25
1/27/2010 29.25 29.53 29.12 29.38 4804800 28.45
1/26/2010 29.39 29.66 29.33 29.37 3873500 28.44
1/25/2010 29.75 29.76 29.36 29.5 2919400 28.57
1/22/2010 30.24 30.34 29.62 29.64 3658700 28.7
1/21/2010 30.44 30.85 30.11 30.23 3833700 29.27
1/20/2010 30.17 30.5 29.83 30.45 4836000 29.49
1/19/2010 30.7 30.79 30.25 30.43 4649700 29.47
1/15/2010 30.77 31.08 30.51 30.67 4405000 29.7
1/14/2010 31.53 31.66 31.1 31.35 2300000 30.36
1/13/2010 31.54 31.72 31.24 31.66 3927000 30.66
1/12/2010 31.77 31.79 31.41 31.64 2806200 30.64
1/11/2010 31.56 31.9 31.23 31.75 3256600 30.74
1/8/2010 30.81 31.6 30.64 31.56 5082700 30.56
1/7/2010 30.95 31.55 30.75 31.54 3674700 30.54
1/6/2010 30.81 31.09 30.67 31.05 3507700 30.07
1/5/2010 30.85 30.88 30.54 30.8 3237700 29.82
1/4/2010 31.14 31.15 30.73 30.82 3731300 29.84
12/31/2009 30.81 30.99 30.64 30.64 2073200 29.67
12/30/2009 31.11 31.11 30.86 30.9 1594300 29.92
12/29/2009 31.13 31.15 30.93 30.96 1129200 29.98
12/28/2009 31.14 31.17 30.93 31 1559500 30.02
12/24/2009 31 31.03 30.92 31.03 852400 30.05
12/23/2009 31.12 31.12 30.8 30.85 1858100 29.87
12/22/2009 31.08 31.09 30.87 30.96 2412900 29.98
12/21/2009 30.98 31.33 30.9 30.96 2924300 29.98
12/18/2009 30.87 31.12 30.77 30.92 5955800 29.94
12/17/2009 32.02 32.06 30.75 30.87 6442800 29.89
12/16/2009 31.89 31.98 31.34 31.5 4707500 30.5
12/15/2009 31.92 32.04 31.66 31.82 3558100 30.81
12/14/2009 32.1 32.25 31.85 32 2976600 30.99

file:///conversion/tmp/activity_task_scratch/762813122.xls
06/10/2024 Detail of Volatility Calculation 6 of 7

Date Open High Low Close Volume Adj Close

12/11/2009 32.09 32.1 31.71 31.84 2372100 30.83
12/10/2009 31.89 32.13 31.81 31.84 3793200 30.83
12/9/2009 31.8 31.83 31.43 31.7 3806600 30.7
12/8/2009 32.29 32.43 31.78 31.82 3956200 30.81
12/7/2009 32.31 32.61 32.26 32.5 2785000 31.47
12/4/2009 32.27 32.88 32.1 32.35 5952100 31.33
12/3/2009 32.23 32.29 31.74 31.75 3314200 30.74
12/2/2009 31.71 32.34 31.69 32.09 3432200 31.07
12/1/2009 31.47 31.85 31.47 31.73 4757500 30.72
11/30/2009 31.19 31.53 31.06 31.35 2679300 30.36
11/27/2009 30.96 31.52 30.88 31.33 1242000 30.34
11/25/2009 31.7 31.83 31.65 31.69 1551300 30.69
11/24/2009 31.4 31.69 31.33 31.62 2457800 30.62
11/23/2009 31.53 31.85 31.29 31.69 3570600 30.69
11/20/2009 30.69 31.12 30.69 31.05 2174500 30.07
11/19/2009 31.2 31.2 30.77 30.95 2558800 29.97
11/18/2009 31.48 31.48 31.17 31.31 2149500 30.32
11/17/2009 31.24 31.56 31.23 31.56 1988700 30.56
11/16/2009 31.21 31.5 31.03 31.47 2964700 30.47
11/13/2009 30.97 31.06 30.71 31.02 3471300 30.04
11/12/2009 31.05 31.34 30.87 31 4504500 30.02
11/11/2009 31.18 31.2 30.78 30.97 2880400 29.99
11/10/2009 30.94 31.21 30.72 30.94 4094100 29.96
11/9/2009 30.47 31.05 30.37 30.95 4629400 29.97
11/6/2009 30.02 30.44 29.75 30.37 3537900 29.41
11/5/2009 29.5 30.39 29.26 30.36 5839600 29.4
11/4/2009 28.67 29.51 28.58 29.14 4886100 28.22
11/3/2009 28.43 28.67 28.15 28.62 4071200 27.71
11/2/2009 28.86 28.87 28.29 28.41 4252300 27.51
10/30/2009 28.74 29 28.4 28.41 5359600 27.51
10/29/2009 29.04 29.09 28.57 28.67 4447400 27.76
10/28/2009 29.05 29.42 28.92 29.04 4104200 27.82
10/27/2009 29.25 29.6 29.05 29.15 3780000 27.93
10/26/2009 28.52 29.37 28.52 29.2 5096000 27.97
10/23/2009 28.82 28.9 28.37 28.52 2695300 27.32
10/22/2009 28.52 29.02 28.26 28.92 2629100 27.7
10/21/2009 28.51 29.07 28.51 28.59 2647400 27.39
10/20/2009 28.78 28.95 28.35 28.56 2098000 27.36
10/19/2009 28.78 28.97 28.46 28.82 3393000 27.61
10/16/2009 28.51 28.83 28.45 28.75 2812900 27.54
10/15/2009 29.02 29.11 28.79 28.92 2852900 27.7
10/14/2009 28.7 29.04 28.51 29.03 2395200 27.81
10/13/2009 28.65 28.7 28.37 28.53 1851700 27.33
10/12/2009 28.9 28.93 28.42 28.64 1981000 27.44
10/9/2009 28.66 28.78 28.47 28.7 2661800 27.49
10/8/2009 28.86 28.98 28.71 28.78 2388200 27.57
10/7/2009 28.53 28.68 28.38 28.64 2136000 27.44
10/6/2009 28.51 28.84 28.3 28.58 3443300 27.38
10/5/2009 28.03 28.31 27.85 28.29 2173400 27.1
10/2/2009 28.14 28.38 27.91 28.06 3323000 26.88
10/1/2009 28.8 29.02 28.21 28.38 4066300 27.19
9/30/2009 28.9 29.14 28.5 29.05 3805800 27.83
9/29/2009 29.15 29.35 28.81 28.85 3451200 27.64
9/28/2009 28.98 29.46 28.89 29.29 3201300 28.06
9/25/2009 29.25 29.36 28.44 28.78 5145000 27.57
9/24/2009 30.02 30.4 28.9 29.13 9366300 27.91

file:///conversion/tmp/activity_task_scratch/762813122.xls
06/10/2024 Detail of Volatility Calculation 7 of 7

Date Open High Low Close Volume Adj Close

9/23/2009 30.59 31.54 30.51 31.04 6939500 29.74
9/22/2009 30.1 30.75 29.77 30.7 4154800 29.41
9/21/2009 29.72 30.18 29.5 29.87 3161400 28.61
9/18/2009 29.98 29.98 29.39 29.68 4754700 28.43
9/17/2009 29.48 29.82 29.29 29.74 3806200 28.49
9/16/2009 28.75 29.57 28.67 29.44 3255100 28.2
9/15/2009 28.88 28.88 28.53 28.77 1686000 27.56
9/14/2009 28.5 28.9 28.39 28.9 2373800 27.69
9/11/2009 28.38 28.64 28.26 28.57 2148100 27.37
9/10/2009 28.33 28.43 28 28.42 1953000 27.23
9/9/2009 28 28.38 27.56 28.29 3171900 27.1
9/8/2009 28.17 28.27 27.75 27.99 2898400 26.81
9/4/2009 27.8 28.1 27.55 28.04 3077700 26.86
9/3/2009 27.54 27.76 27.16 27.73 2664800 26.56
9/2/2009 27.39 27.72 27.32 27.49 2740100 26.33
9/1/2009 28.45 28.45 27.38 27.49 4621400 26.33
8/31/2009 28.33 28.39 28 28.29 2266200 27.1
8/28/2009 28.51 28.7 28.15 28.42 2037900 27.23
8/27/2009 28.25 28.48 27.94 28.42 2453100 27.23
8/26/2009 28.3 28.41 28.06 28.28 3180700 27.09
8/25/2009 28.57 28.74 28.35 28.44 2620200 27.24
8/24/2009 28.38 28.64 28.28 28.52 2153400 27.32
8/21/2009 28.2 28.64 27.77 28.4 3845200 27.21
8/20/2009 27.97 28 27.63 28 2310800 26.82
8/19/2009 27.35 27.9 27.31 27.82 1876200 26.65
8/18/2009 27.52 27.69 27.36 27.56 1956500 26.4
8/17/2009 27.51 27.85 27.29 27.34 3005900 26.19
8/14/2009 28.23 28.3 27.65 28.02 3150600 26.84
8/13/2009 28.22 28.3 27.9 28.25 3212200 27.06

file:///conversion/tmp/activity_task_scratch/762813122.xls