The following quotes were observed for options on a given stock on November 1 of a given year. These are American calls except where indicated. Assume the stock price was 107.86, the risk-free rates were 6.95 percent (November), 7.14 percent (December) and 7.26 percent (January). The times to expiration were 0.0366 (November), 0.1278 (December), and 0.1914 (January). Assume no dividends unless indicated.

Calls

Puts

Strike

Nov

Dec

Jan

Nov

Dec

Jan

100.00

8.00

9.52

10.95

5.05

1.24

1.90

104.76

4.19

6.76

7.90

0.86

2.38

3.62

109.52

1.43

3.71

5.05

2.67

4.57

4.57

What is the European lower bound of the December 100 call?