You would like to be holding a protective put position on the stock of XYZ Company to lock in a guaranteed minimum value of $140 at year-end. XYZ currently sells for $140. Over the next year, the stock price will either increase by 9% or decrease by 9%. The T-bill rate is 3%. Unfortunately, no put options are traded on XYZ Company.

a. How much would it cost to purchase if the desired put option were traded? (Do not round intermediate calculations. Round your answer to 2 decimal places.) b. What would be the cost of the protective put portfolio? (Do not round intermediate calculations. Round your answer to 2 decimal places.)