You would like to be holding a protective put position on the stock of XYZ Co$.$ to lock in a guaranteed minimum value of $$105$ at year$-$end. XYZ currently sells for $$105.$ Over the next year, the stock price will increase by $9\%$ or decrease by $9\%.$ The T$-$bill rate is $7\%.$ Unfortunately, no put options are traded on XYZ Co$.$

a$.$ Suppose the desired put option were traded. How much would it cost to purchase? $($Do not round intermediate calculations. Round your final answer to $2$ decimal places.$)$

b$.$ What would have been the cost of the protective put portfolio? $($Do not round intermediate calculations. Round your final answer to $2$ decimal places.$)$

c$.$ What portfolio position in stock and T$-$bills will ensure you a payoff equal to the payoff that would be provided by a protective put with X $=105?$ Show that the payoff to this portfolio and the cost of establishing the portfolio match those of the desired protective put. $($Do not round intermediate calculations. Round your final answer to $2$ decimal places.$)$