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Indicate whether the tails mentioned below are fatter or thinner than the tails for a lognormal distribution based on the at-the-money volatility. a. Left tail

Indicate whether the tails mentioned below are fatter or thinner than the tails for a lognormal distribution based on the at-the-money volatility.

a. Left tail of foreign currency implied distribution

b. Right tail of foreign currency implied distribution

c. Left tail of stock index implied distribution

d. Right tail of stock index implied distribution

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