Consider three-month European call and put options on British pounds with an exercise price of $1.25. The spot price of British pounds is $1.2431. The riskless interest rate is 3% in the U.S. and 4% in the U.K. (both of these rates are annualized and continuously compounded). The price of the call option is $0.0500.

Given the price of the call, what should be the price of the put option? (Please report your answer to four decimal places.)

Payoff diagram to show the payoff for your net position