Coke has 10m outstanding shares trading at $25 per share. It also has a large amount of debt outstanding, all coming due in one year. The debt pays interest at 8 percent. It has a par (face) value of $350m, but is trading at a market value of only $280m. The one-year risk-free interest rate is 6 percent. (a) Write out the put-call parity formula for Coke's stock, debt, and assets. (b) What is the value of the default put given up by Coke's creditors?