Given the following parameters use put-call parity to determine the price of a put option with the same exercise price.

Current stock price:

$47.00

Call option exercise price:

$50.00

Sales price of call options:

$3.80

Months until expiration of call options:

3

Risk free rate:

5.0 percent

Compounding: continuous

Possible Answers:

Price of put option = $6.18

Price of put option = $7.43

Price of put option = $4.36