Beaver Inc. has a zero coupon bond outstanding with a $10,000,000 face value that matures in one year. The bond is currently selling in the secondary bond market for a price that implies that the entire bond issue is worth $9,000,000 in aggregate. Beaver's stock market price implies a total equity value of $3,000,000. The annual risk-free interest rate is three percent per year, compounded continuously. What is the implied annualized volatility (standard deviation of return) for Beaver's total firm value? 37.3% 31.4% 26.7% 20.9% Beaver Inc. has a zero coupon bond outstanding with a $10,000,000 face value that matures in one year. The bond is currently selling in the secondary bond market for a price that implies that the entire bond issue is worth $9,000,000 in aggregate. Beaver's stock market price implies a total equity value of $3,000,000. The annual risk-free interest rate is three percent per year, compounded continuously. What is the implied annualized volatility (standard deviation of return) for Beaver's total firm value? 37.3% 31.4% 26.7% 20.9%