18.8. A bank uses Black's model to price European bond options. Suppose that an implied price volatility

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18.8. A bank uses Black's model to price European bond options. Suppose that an implied price volatility for a 5-year option on a bond maturing in 10 years is used to price a 9-year option on the bond. Would you expect the resultant price to be too high or too low? Why?

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