If the volatility implied from an at-the-money put currency option were used to price other put options on the currency, which of the following would be true?

Out-of-the money and in-the-money prices would be too high.

Out-of-the money and in-the-money prices would be too low.

Out-of-the-money option prices would be too high and in-the-money option prices would be too low.

Out-of-the-money option prices would be too low and in-the-money option prices would be too high.

Out-of-the money and in-the-money prices would be correct.