Consider a stock that is worth $45. The stock does not pay any dividends. A European put option and a European call option on the stock both have a strike price of $50 and expire in one year. The one-year risk-free interest rate is 4% per annum with continuous compounding. (a) Find the intrinsic value of each option and use the put-call parity to find the difference between the time value of the call and the time value of the put. (b) Repeat part (a) assuming that the current stock price is $57.