Stm+1=Stmexp((r−12σ2)(tm+1−tm)+σtm+1−tm−−−−−−−−√Zt)0≤tm≤tm+1≤T

Stm+1=Stmexp((r−12σ2)(tm+1−tm)+σtm+1−tm−−−−−−−−√Zt)0≤tm≤tm+1≤T

Stm+1=Stmexp((r−12σ2)(tm+1−tm)+σtm+1−tm−−−−−−−−√Zt)0≤tm≤tm+1≤T

Stm+1=Stmexp((r−12σ2)(tm+1−tm)+σtm+1−tm−−−−−−−−√Zt)0≤tm≤tm+1≤T

Stm+1=Stmexp((r−12σ2)(tm+1−tm)+σtm+1−tm−−−−−−−−√Zt)0≤tm≤tm+1≤T

Stm+1=Stmexp((r−12σ2)(tm+1−tm)+σtm+1−tm−−−−−−−−√Zt)0≤tm≤tm+1≤T

Stm+1=Stmexp((r−12σ2)(tm+1−tm)+σtm+1−tm−−−−−−−−√Zt)0≤tm≤tm+1≤T

Stm+1=Stmexp((r−12σ2)(tm+1−tm)+σtm+1−tm−−−−−−−−√Zt)0≤tm≤tm+1≤T