Using Table 25.1 below, calculate the volatility a trader would use for a 10-month option with a strike price of 0.97.

Table 25.1:

Volatility Surface Volatilities for different strike prices and maturities are shown as % per annum.

Strike Price 0.90 0.95 1.00 1.05 1.10 1-month 14.2 13.0 12.0 13.1 14.5 3-month 14.0 13.0 12.0 13.1 14.2 6-month 14.1 13 3 12.5 13.4 14.3 1-year 14.7 14.0 13.5 14.0 14.8 2-year 15.0 14.4 14.0 14.5 15-1 5-year 14.8 14.6 14.4 14.7 15.0