The following bid and ask price and option prices were observed for a stock on May 14 of a particular year. Unless otherwise indicated, ignore dividends on the stock. The stock is priced at 161. The expirations are June 18, and July 16.

Maturity	Bid	Ask
06/17	5.95	5.85
07/16	6.1	5.95

Exercise Price	Call Price June	Call Price July	Put Price June	Put Price July
160	10.5	15	10.5	14
165	8.5	12	13.5	17

Compute the intrinsic values, time values, and lower bounds of the following puts. Identify any profit opportunities that may exist. Treat these as American options for purposes of determining the intrinsic values and time values and European options for the purpose of determining the lower bounds.

a. June 165

b. July 160