he spot price of a stock is $50 and the continuously compounded annual interest rate if 5%. If the price of

an American put option written on this stock with the strike price of $45 that has 6 months until maturity is $6, what is the

minimum and maximum bounds for an American call option should be to avoid arbitrage? Assume that both options are writ-

ten on the same stock, have the same strike price, and mature at the same time. Also assume that the stock pays no dividend