A European put option that has an expiration in 6 months is selling for $6, the current value of the underlying stock is $105. The risk free rate is 4% annually. The put option has an exercise price of $110. The underlying stock does not pay any dividends.

a) What is the intrinsic value of the put? What is the time value of the put?

b) What should be the price of a call option on the same stock with the same strike price and expiration date?