You would like to be holding a protective put position on the stock of

$xYZ$ Co$.$ to lock in a guaranteed minimum value of $$101$ at year$-$end.

XYZ currently sells for $$101.$ Over the next year, the stock price will

increase by $9\%$ or decrease by $9\%.$ The T$-$bill rate is $4\%.$ Unfortunately,

no put options are traded on XYZ Co$.$