Exercise 1. Use the Put-Call Parity and the Black-Scholes formula for an European call option to derive the Black-Scholes formula for an European put option. Use the derived formula to compute the price of an European put option such that: So $115 X $105 r (annualized) 7% T (years) 0.75 (annualized) 42.83% Show that the price obtained using the Black-Scholes formulation is the same as the one an in- vestor would obtain using the Put-Call Parity. Consider this put option is being sold at $8.32. Obtain its implied volatility, and explain why it is a "good buy"