The price for a call option contract on one standard Euro contract, at a strike price of $1.1100 per Euro at the expiry date in 12-months, is $400. The price for a put option contract on one standard Euro contract, at a strike price of $1.1150 at the expiry date in 12-months is $375.

9. Suppose the spot rate is $1.1090 per Euro. What is the difference between the time value of the call option subtract the time value of the put option? Round to the nearest cents.