On December 1, the S&P 500 Index (SPX) is trading at 1396.71. The prices of call options on the index expiring on March 16 (i.e., a bit over three months) are as follows: Strike S: 1300,1350, 1400. Call Prices: 116.80, 73.70, 41.00 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.