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3. An American call option on a non-dividend paying stock with an exercise price of 25.00 and a maturity date 9 months from now. The

3. An American call option on a non-dividend paying stock with an exercise price of 25.00 and a maturity date 9 months from now. The price of this call is 2. Suppose the current price of the stock is 22.50 and the risk free rate of interest is 12% per annum. Solve for the upper and lower bounds of an American put option with the same strike and exercise date.

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