Assuse the futures prices in Table 2.2 apply and that the risk-free rate is 1.1% per annum.

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Assuse the futures prices in Table 2.2 apply and that the risk-free rate is 1.1% per annum. Treat the options as American and use 100 time steps. The options mature on June 19, 2004 Can you draw any conclusions from the pattern of implied volatilities you obtain?

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