The cost of carry \( b\) of the underlying asset is given below.
- \( b=r\) for the Black and Scholes (1973) stock option model.
- \( b = r -q\) for the Merton (1973) stock option model with continuous
dividend yield \( q\).
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\( b =0 \) for the Black (1976) futures option model.
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\( b = r - r_{f}\) for the Garman and Kohlhagen (1983) currency option model.
(The asset is currency \( ccy_{f} \) with interest rate \( r_{f} \).)
