The current price of a non-dividend paying stock L is EUR 100. In 1-year time, its price can be either EUR 80 or EUR 120. The current price of a non-dividend paying stock H is also EUR 100. 1-year from now its price can be either EUR 60 or EUR 140. Let PL be the price of a 1-year Put option on stock L, with Strike XL = EUR 100. Let PH be the price of a 1-year Put option on stock H, with Strike XH = EUR 100. Select what is correct.

a. PL is lower than PH

b. PL is bigger than PH

c. PL is equal to PH