Today, is January 4, 2016. IBM common stock is selling at $135.95 per share. The stock has a dividend yield of 4% per year. The following table contains the monthly stock prices for IBM shares during the last 12 months.

Month (2015)	IBM Share Price
January	148.46
February	157.92
March	156.51
April	167.04
May	166.69
June	159.82
July	159.16
August	146.52
September	143.62
October	138.78
November	139.42
December	137.62

A call option with a March 18, 2016 expiration date and an exercise price of $130 is currently trading at $6.50. Each option entitles the holder to purchase 100 IBM shares. The risk-free rate is 0.58%, compounded continuously. Shares and options can only be bought and sold in whole numbers. Note that 2016 is a leap year.

b. Based on the market price of $6.50, derive the implied volatility on the IBM shares. You may use the BlackScholesMertonImpliedVolatility10e.xlsm file provided by the textbooks authors to derive the implied volatility. Take a screen shot of the answer provided in this Excel spreadsheet, and copy and paste it into your answer for this question. Obtain your answer to four decimal places (or two decimal places in percentage).