The stock price of Lamp Shades Inc. is currently $49. There exists both a put and a call option on this stock. The put option has an exercise price of $48; the call option has an exercise price of $51. If the market is efficient, which option will have the higher premium if (you must explain your answers):

1. Both options expire in three months.
2. The call option expires in three months while the put option expires in six months