The price of an American put option on a non-dividend paying stock is $3.00. The underlying stock price is currently at $28.00, the strike price of the option is $24 and the expiration date of the option is 7 months. It is known that a dividend of $3 on the underlying stock is to be paid in 5 months' time. The risk-free rate of interest is 8% p.a. continuous compounding for all maturities. Assume that traders can borrow or lend at the risk-free rate, can buy and short-sell shares of the underlying stock if necessary, and do not face any transactions costs. Required: (i) Derive upper and lower bounds for the price of an American call option on the same stock with the same strike price and expiration date using the put-call parity condition for American options