European Call Option With Infinite Maturity
What is the value of a vanilla European call option as the time to maturity $T \to \infty$?
Assume the Black-Scholes framework with constant volatility $\sigma$, constant risk-free rate $r > 0$, spot price $S$, and strike $K$. Consider two cases:
1. The underlying pays **no dividends** ($q = 0$).
2. The underlying pays a **continuous dividend yield** $q > 0$.
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