3. (A) There are two call options and put options, each with A maturity date of 6 months, with A strike price of 80, with the same underlying asset at A price of 64,

Given that the current call price is 15 and the market risk-free rate is 8%, please calculate the current put price. (10%) (B) With (A), if the current put price is 10, is there any arbitrage opportunity? How do you do it?

4. (A) At present, there are stock calls with A strike price of RMB 60 with A premium of 2.5 points in the market, and those with A strike price of RMB 75 with A premium of 1 point. Xiaohua decides to establish A long call spread strategy and asks how to buy and sell calls in the market. What is Xiao Hua's view of the market for establishing this strategy? (10%).

(B) What is the maximum loss of this strategy by taking (A)? What is the maximum profit? What is the break-even point? If the underlying stock price is 70 yuan, what is the profit or loss of Xiaohua? (Value of each point is NT $2,000)