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Consider a European call option with strike price 100 , underlying price of 98 , time to expiration of 3 months, and risk free rate

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Consider a European call option with strike price 100 , underlying price of 98 , time to expiration of 3 months, and risk free rate of 5% (compounded continuously). The stock does not pay a dividend. If the call premium is $5.51, what is the implied volatility? (Hint: Use excel to calculate the Black-Scholes formula and then adjust the volatility to find the implied volatility.)

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