$(4)(10\%)$ Which security should sell at a greater price? Please explain the reason in detail. $($Hint: all other relevant features of the stocks and options are assumed to be identical.$)$

a$.(5\%)$ A three$-$month expiration call option with an exercise price of $$40$ or a three$-$month call on the same stock with an exercise price of $$35.-$gradJJ

b$.(5\%)$ A put option on a stock selling at $$50$ or a put option on another stock selling at $$60.$