You estimate the value for a given call option using the Black-Scholes-Merton option pricing model at $3.85 with an inputted volatility of 40%. Then, you go to the CBOE and observe the market price for this call of of $3.60. This means that the implied volatility of this call option is: A. Can't say for sure. B. Greater than 40%. C. Less than 40%. D. It depends upon the interest rate and/or if the option is in-the-money or out-of-the-money.