All the options in this question are European Options with the same underlying (whose numerator unit is \$). Assume zero interest rates. Answers should be to 2 decimal places. Given the ATM Implied Volatilities: (a) Complete the following table of variances and volatility, in your answer sheet. Show your working. (6 marks) (b) Given the volatilities provided at the start of the question (assume these are FIXED), if there were a series of major policy and political events in the period T2T3, what would be the effect on the variances in (a) and why? Do not complete the table in the exam question sheet, make a copy on your answer sheet. (3 marks) (c) what is the arbitrage constraint on the volatility for the period T0 T4 ? (2 mark)