The following prices are available for call and put options on a stock priced at $50. The risk-free rate is 6 percent and the volatility is 0.35. The March options have 90 days remaining and the June options have 180 days remaining. The Black-Scholes model was used to obtain the prices.

	Calls		Puts
Strike	March	June	March	June
45	6.84	8.41	1.18	2.09
50	3.82	5.58	3.08	4.13
55	1.89	3.54	6.08	6.93

Assume that each transaction consists of one contract (for 100 shares) unless otherwise indicated. What is the net present value of the box spread using the June 50 and 55 otpions?

		A. $9.84
		B. $5.00
		C. $1.84
		D. $16.00