You wish to value a call option on the Faurecia share (which does not pay dividends) after 6 months with a strike price of €35 and a 6-month duration. You do not know what volatility to factor in. Fortunately, 3-month options are listed at €3 for a strike price of €31. What is the implicit volatility of these options? The interest rate is 3% and the Atari share is trading at €32. What is the value of this first option?