16. The premium on a pound put option is $.03 per unit. The exercise price is $1.60. The break-even point is ________ for the buyer of the put, and ________ for the seller of the put. (Assume zero transactions costs and that the buyer and seller of the put option are speculators.)

a $1.63; $1.63

b. $1.63; $1.60

c. $1.63; $1.57

d. $1.57; $1.63

e. $1.57; $1.57