You would like to be holding a protective put position on the stock of XYZ Co. to lock in a guaranteed minimum value of $102 at year-end. XYZ currently sells for $102. Over the next year, the stock price will increase by 11% or decrease by 11%. The T-bill rate is 6%. Unfortunately, no put options are traded on XYZ Co. a. Suppose the desired put option were traded. How much would it cost to purchase? (Do not round intermediate calculations. Round your final answer to 2 decimal places.)

b. What would have been the cost of the protective put portfolio? (Do not round intermediate calculations. Round your final answer to 2 decimal places.)