*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 12 through 16. 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. 12. What is the time value of the November 115 put? a. 1.75 b. 2.80 C. 1.10 d. 0.00 e. none of the above 14. What is the time value of the January 115 call? a. 5.30 b. 0.00 c. 3.50 d. 1.70 e. none of the above 15. What is the European lower bound of the December 105 call? a. 9.86 b. 0.00 c. 8.25 d. 9.26 e. none of the above 16. What is the European lower bound of the November 115 call? a. 1.44 b. 0.00 c. 1.75 d. 2.06 e. none of the above