If the Stock Price Is 44,the Exercise Price Is 40,the

If the stock price is 44,the exercise price is 40,the put price is 1.54,and the Black-Scholes-Merton price using 0.28 as the volatility is 1.11,the implied volatility will be

A) higher than 0.28
B) lower than 0.28
C) 0.28
D) lower than the risk-free rate
E) none of the above