Consider a 3-period Cox-Ross-Rubinstein binomial model. The initial price of the risky asset is R100. The risk-free rate of interest with continuous compounding is 6% per annum. Over the next three 4-month periods, the asset is expected to go up by 8% or go down by 7% in each period. Take the exercise price as K = 103. (a) Compute the 1-year value of a European call. (b) Compute the 1-year value of a European put. (c) Check whether the put-call parity is valid or not