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Thanks for your help, and the offer, David. It makes perfect sense now, no need to make extra work! ciao

David, My apologies, that was a misprint. I agree N(d1) and N(d2) should both have values approaching 1. They are analogous to call options, with a zero exercise price. Therefore, using the Black Scholes equation and these inputs, doesn't the equation become C = S*N(d1) = S (because...

Hi, sorry I have an unrelated question about N(d1) and N(d2). I am using the Black Scholes model to try and value some performance rights. As such, they will have an exercise price of zero. Is it true to say that N(d1) reflects the cumulative probability related to the current value of...