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3.A call option with X = $50 on a stock currently priced at S = $55 is selling for $10. Using a volatility estimate of

3.A call option withX= $50 on a stock currently priced atS= $55 is selling for $10. Using a volatility estimate of = .30, you find thatN(d1) = 0.6 andN(d2) = 0.5. The risk-free interest rate is zero. Is the implied volatility based on the option price more or less than .30?

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