2026-07-072026-07-07http://salesiana.dossiersoluciones.com/handle/123456789/119949Presented is intuitive proof of Black-Scholes formula for European call options, which is based on arbitrage and properties of lognormal distribution. Paper can help students and non-mathematicians to better understand economic concepts behind one of the biggest achievements in modern financial theory.7 pagesGeneral Physicstext