I need step by step explanation on how the answer in bold were gotten. The following quotes were observed for options on a given stock on November 1 of a given year. These are American calls except where indicated. Use the information to answer questions 17 through 20. Calls Puts Strike Nov Dec Jen Nov Dec Jan 105 8.40 10 11.50 5.30 1.30 2.00 110 4.40 7.10 8.30 0.90 2.50 3.80 115 1.50 3.90 5.30 2.80 4.80 4.80 The stock price was 113.25. The risk -free rates were 7.30 percent (November), 7.50 percent (December) and 7.62 percent (January). The times to expiration were 0.0384 (November), 0.1342 (December), and 0.211 (January). Assume no dividends unless indicated. 17. From American put -call parity, what are the minimum and maximum values that the sum of the stock price and December 110 put price can be? a. 101.81 and 102.87 b. 2.50 and 113.25 c. 116.038 and 117.10 d. 7.125 and 110 e. none of the above 18. The maximum difference between the January 105 and 110 calls is which of the following? a. 11.50 b. 4.92 c. 5.00 d. 4.0 e. none of the above 19. Suppose you knew that the January 115 options were correctly priced but suspected that the stock was mispriced. Using put -call parity, what would you expect the stock price to be? For this problem, treat the options as if they were European. a. 113.73 b. 123.23 c. 121.23 d. 112.77 e. none of the above 20. Suppose the stock is about to go ex -dividend in one day. The dividend will be $4.00. Which of the following calls will you consider for exercise? a. November 115 b. November 110 c. December 115 d. all of the above e. none of the above