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A call option with X = $42 on a stock priced at S = $46 is sells for $8. Using a volatility estimate of =

A call option with X = $42 on a stock priced at S = $46 is sells for $8. Using a volatility estimate of = 0.34, you find that N(d1) = 0.7198 and N(d2) = 0.6599. The risk-free interest rate is zero. Is the implied volatility based on the option price more or less than 0.34?

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