A stock has a current price of 64. A 9-month at-the-money call option on this stock, and an otherwise similar put option are priced at 6.67 and 4.32 respectively. The continuously compounded risk-free interest rate is 5%. Cindy bought one of these call options and Pearl sold one of these put options. In what situation would Pearl earn a profit that is 12 more than Cindy's profit?.