"A stock price (which pays no dividends) is $50 and the strike price of a two year European put option is $55. The risk-free rate is 3% (continuously compounded). What is the lower bound for the option such that there are arbitrage opportunities if the price is below the lower bound and no arbitrage opportunities if it is above the lower bound? Please enter your answer rounded to two decimal places with no dollar sign."

If this were an American option instead of a European one, what would be the option's lower price bound? (i.e., the minimum price to eliminate arbitrage opportunities).