Consider the following portfolio:
(i) one sold (written) European put option;
(ii) one bought (held) European call option;
(iii) one short-sold unit of stock (the same stock that both the put and call options are written over);
(iv) one loan (for which the portfolio is the lender) for $105.
At time t, S = $110, X = $110, c (call option price) = $15, p ( put option price) = $10. R(t,T) = 1.1

a) If at time T, S = $120 calculate the net outcome (value) of the portfolio. 

b) Assume now at T that S = $100. Calculate the net outcome (value) of the portfolio at T.

c) What observation can be made about the put-call parity relationship?