b) Estimate implied volatility for each index to four decimal places. For these estimates use data in Tables 1 and 3 of SecondCity OptionsCare_Datal Oexlox. Restrict your attention to the six call and put options expiring on August 18, 2007, that are at-the-money or closest to at-the-money. Use Excel spreadsheets such ar Black ScholesMerton Binomiall Oaxiom or BlackScholesMertonImpliedVolatility 10exlom. Give your implied volatility estimates in Exhibit 6. Recall that the Black-Scholes-Merton model can be used for the SPX estimate, but not for the OEX estimate. Thus, you must use your best judgment in order to estimate implied volatility for OEX. Whatever methodology you use, explain it clearly. c) Discuss the advantages and disadvantages of historical estimates versus implied estimates. Then provide one final volatility estimate for each index and explain your reasoning