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If the stock price is $44, the exercise price is $40, the put price is $1.11, and the Black-Scholes price using 0.28 as the volatility
If the stock price is $44, the exercise price is $40, the put price is $1.11, and the Black-Scholes price using 0.28 as the volatility is $1.54, the implied volatility will be
_____
A) Higher than 0.28
B) Lower than 0.28
C) 0.28
D) Lower than the risk-free rate
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