9. 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., in a bit over three months) are as follows:
| Strike K | Cell Prices |
| 1300 | 116.80 |
| 1350 | 73.70 |
| 1400 | 41.00 |
Assuming the interest rate for that period is 4.88% and the annual dividend rate on the SPX is 1.5%, compute the implied volatility for each of the SPX options using the Black-Scholes formula. Are these volatilities the same? Explain.
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