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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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