15. S = $55; P (X=$60) = $10; P(X=$65) =$14.5; r=10%; T=2 years. All options are European and the stock does not pay a dividend. Which option is relatively more expensive? (Hint: Compute implied volatility). Explain. (C=call price, P=put price, S=stock price, X=exercise price, r=risk-free rate, T=maturity.)