Industry standard calculators go further with their assumptions and conventions. This affects the conversion of your quoted deposit rates into the continuously compounded rates that academic models tend to use. Volatility is relevant for the entire period from pricing until expiration, because that's when the market can receive information that affects a price. The price reflects discounting over a different period. The usual academic formulas assume immediate settlement at purchase and exercise.
Reality is different.
Then, at exercise it takes a while to get the payoff, and theory calls for payoff as a function of spot price, but the market quotes a forward price. Many professionals concern themselves with this sort of minutia, because ignoring it can be expensive. In New York at the Roosevelt Hotel. Download brochure . Hear Morton Allen, Peter Carr, Oren Cheyette, Kevin Cassidy, Terry Chong, Kenneth Cooney, David Green, Bruce Jurin, Michael Kamal, Sean Keenan, Michel McCarthy, Elliott Noma, Lorna Ness, Jerzy Pawlowski, Curt Randall, Jayanthi Sankaran, Richard Skora, Jorge Sobehart, Nassim Taleb, Charles Wang, Paul Watterson, Edward Weinberger, and Steven Whiting talk about model risk in many forms from industry experience.