Reconsider the data from Question 1. A European put option is also written on the stock. Like the call option, it has a strike price of $4 and six months to expiry. Using your answers to Question 1 and the put-call parity formula: a) If share price is $5.20, what is the value of the put option? Why does the put option have value when it is out-of-the-money? b) If the underlying shares were trading at $3.80, what is the put option value? c) Ignore b. Calculate the value of a put option with six months to expiry and strike price of $3.00. Before you do the calculation, do you expect the option value to be higher or lower than in part a? d) Ignore b and c. Assume that the put has nine months to expiry. Do you expect the option value to be higher or lower than part a? Calculate the value. For each part, divide the total put option premium into intrinsic value and time value components.