A month ago, the price of an IBM stock was $110 and its volatility was 28%. Today, its price is still $110 but its volatility has gone up to 40%. If the one-month interest rate has not changed over the last month and IBM stock does not pay any dividends(i.e., there are no costs or benefits of carry,) then:

a.

The one-month forward price of IBM today is greater than the one-month forward prices a month ago by $10

b.

The one-month forward prices of IBM today equals the one-month forward price a month ago

c.

The one-month forward prices of IBM today is lower than the one-month forward price a month ago by $10

d.

The one-month forward price of IBM today is $44