Suppose the exchange rate is $1.23/C$, the Canadian dollar-denominated continuously compounded interest rate is 8%, the U.S. dollar-denominated continuously compounded interest rate is 5%, and the price of a 1-year $1.25-strike European call on the Canadian dollar is $0.0974. What is the value of a 1-year $1.25-strike European put on the Canadian dollar?

a.

$0.1361

b.

$0.0813

c.

$0.1510

d.

$0.1174

e.

$0.1617