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This paper suggests a method of estimation of the implied volatility smile uncertainty of the observed options prices due to future risk-free rate uncertainty. The purpose is to quantify the range of uncertainty under different scenarios. We consider the setting where both the implied volatility and the risk free rate are calculated jointly from the observed option prices. Due to the cumulative risk-free rate uncertainty, the corresponding system of equations is underdetermined, leading todoi:10.2139/ssrn.2287658 fatcat:4dsp4aletnawxdytqjf5fg76i4