An investor has exchange-traded put options to sell 100 shares for $20. There is a $2 cash dividend. Which of the following is then the position of the investor?

a. The investor has put options to sell 100 shares for $22

b. The investor has put options to sell 100 shares for $19

c. The investor has put options to sell 100 shares for $20

d. The investor has put options to sell 105 shares for $19.05