14. Using the information in problem 13, calculate the price of the put described in problem 6, using the Black model for pricing puts. 15. Suppose you observe a one-year futures price of $100, the futures option strike price of $90, and a 5 percent interest rate (annual compounding). If the futures option call price is quoted at $9.40, identify any arbitrage and explain how it would be captured. 16. The put-call parity rule can be expressed as C - P = (f,(T) X) (1+r). Con- sider the following data: f,(T) = 102, X = 100, r = 0.1, T=0.25, C = 4, and P = 1.75. A few calculations will show that the prices do not conform to the rule.