The forward price of gold for delivery in 6 months is $280 per ounce. A call option on a gold ounce for delivery in 6 months with strike $275 costs $10. The discount factor for 6 months is given by d(0.5) = 0.98^1 . Compute P, the arbitrage-free price of the put option on a gold ounce with the same strike and delivery.