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The price of an American call on a non-dividend-paying stock is $5. The stock price is $24, the strike price is $21, and the expiration

The price of an American call on a non-dividend-paying stock is $5. The stock price is $24, the strike price is $21, and the expiration date is in three months. The continuously compounded interest rate is 8%. Derive upper and lower bounds for the price of an American put on the same stock with the same strike price and expiration date.

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