What Parity Says the Put Is Worth

Shares of a non-dividend-paying shipping company trade at $50 \$50 . A one-year European call struck at $50 \$50 sells for $6 \$6 , and the continuously compounded interest rate is 4% 4\% . Without any pricing model, what must the one-year European put struck at $50 \$50 cost?

Answer

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