A stock with a current price of $100 and scheduled to pay a dividend of $2 in one month. The price of a call option with a strike price of $105 expiring in two months has a price of $7. If the risk-free rate is 3%, the price implied by put-call parity for a put option with a $105 strike price that also expires in two months is closest to:

Multiple Choice

• $9.48

• $11.48

• $12.00

• $13.48

• $14.00