08. SPX index at 3000. Assume normal distribution for index price. Consider a Binary CALL option with strike of 3250 a. If IV is 30%, what is fair price for the BINARY call (5 points)? b. If the binary call is price at 0.20, what is the implied volatility (aka implied stdev) (5 points)? 08. SPX index at 3000. Assume normal distribution for index price. Consider a Binary CALL option with strike of 3250 a. If IV is 30%, what is fair price for the BINARY call (5 points)? b. If the binary call is price at 0.20, what is the implied volatility (aka implied stdev) (5 points)