The spreadsheet linked below calculates the price of a call option in the Black-Scholes model. What would be the implied volatility of the stock for a call price of $0.56 (with all other assumptions staying the same)?

A. 28.3%

B. 30.4%

C. 31.9%

D. 33.6%

E. 35.0%

\begin{tabular}{|c|c|c|c|c|} \hline \multirow{2}{*}{\begin{tabular}{l} ASSUMPTIONS \\ Stock Price \end{tabular}} & \multirow[b]{2}{*}{ S } & \multirow[b]{2}{*}{34.29} & \multicolumn{2}{|c|}{ BLACK-SCHOLES PRICE } \\ \hline & & & d.1 & -0.61 \\ \hline Stock Volatility & V & 22.3% & d. 2 & -0.67 \\ \hline Risk-Free Rate & RF & 8.8% & call & 0.35 \\ \hline Strike Price & K & 36 & put & 1.80 \\ \hline Maturity (years) & T & 0.08 & & \\ \hline \multicolumn{5}{|l|}{ CALCULATIONS } \\ \hline Step length & dT & 0.001 & & \\ \hline UP ratio & u & 1.006 & & \\ \hline DOWN ratio & d & 0.994 & & \\ \hline UP probability & p & 0.504 & & \\ \hline \end{tabular}