On December 1, the S&P 500 Index (SPX) is trading at 1396.71. The prices of put options on the index expiring on March 16 (i.e., a bit over three months) are as follows: Strike K Put Prices 1300 11.20 1350 17.30 1400 30.50 Assuming the interest rate for that period is 4.88% and the annual dividend rate on SPX is 1.5%, compute the implied volatility for each of the SPX options using the Black-Scholes-Merton formula. Are these volatilities the same? Explain. Also, are these volatilities the same as those obtained from the previous question? Should they be? Explain.