A stock trades for $65 per share. A call option on that stock has a strike price of $60 and an expiration date 6 months in the future. The volatility of the stocks return is 25%, and the risk-free rate is 3%.

a. What is the Black and Scholes value of this option?

b. What should be the value of a put option with the same strike price and the same time to maturity?