You would like to hold a protective put position on the stock of Avalon Corporation to lock in a guaranteed minimum value of $50 at year-end. Avalon currently sells for $50. The T-bill rate is 5%. Unfortunately, no European put options are traded on Avalon Company, but you found out that European call options with the strike price of $50 and one year to expiration are currently priced at $4. What would have been the cost of a protective put portfolio? $50 $48.44 $51.56 $54 $46