Consider an American put option on XAL stock with a strike price of $49 and one year to expiration. Assume XAL pays no dividends, it is currently trading for $8 per share, and the one-year interest rate is 8%. If it is optimal to exercise this option early:

a. What is the price of a one-year American put option on XAL stock with a strike price of $63 per share?

b. What is the maximum price of a one-year American call option on XAL stock with a strike price of $49 per share?