What are the direct impacts of this model why was it, Financial Management

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What are the direct impacts of this model why was it

The Black-Scholes Option Pricing Model was developed in 1973 and helped give rise to the rapid growth in options trading. Furthermore, the model has revolutionized the way investing and financial trading are done. What are the direct impacts of this model? Why was it created and what problem did it rectify, if any? Is it still used today?

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