3) For American options, there is Yellowstone, or the Grand Canyon, and a few will venture into Death Valley for a vacation. But more generally, assuming the strike price and expiration dates are the same, the value of an American call minus the value of an American put is equal to:

a) Zero, they cancel out.

b) The present value of the exercise price minus the value of a share.

c) The present value of the exercise price plus the value of a share.

d) The value of a share plus the present value of the exercise price.

e) The value of a share minus the present value of the exercise price.

f) Other, specify.