Suppose the following for European options:

Stock price = $100

3-month call options with strike price $97

3-month put option with strike price $105

1-year risk-free rate is 4%.

The minimum price of the put option must be at least equal to:

a.

$5.00

b.

$3.955

c.

$3.00

d.

$4.215

e.

$3.437