Transcribed image text: The Black-Scholes-Merton model's implied volatility is: The volatility that equates the BSM model price to the market price, if all other inputs are known The market's estimate of the stock's random volatility over an infinitesimal time interval The market's estimate of the future value of the stocks random volatility over the option's life The market's estimate of the future value of the stocks random volatility over an infinitesimal time interval