Q.5429 Tom Howard is an investment manager at Light Advisors. He is using the Merton model to calculate the volatility of a company that does not pay dividends but whose equity shares are part of the company's portfolio. Tom Howard gets the findings shown below:

Value of equity	$2,500,000
Value of the company’s only debt maturing in 10 years	$3,000,000
d₁	2.321
d₂	2.143

What is the estimated level of that volatility, assuming that company value volatility is constant?