In the file.

Solution 1
The put-call parity relationship is:
Because the put price cannot be negative, a lower bound for a European call price can be deduced as:
Similarly, because the call price cannot be negative, the lower bound of the European put price is:
Solution 2
To obtain a call option, one must pay a premium; the maximum loss on a call option is this per-share payment. They can buy a call option and go long on it, or sell a call option and go short on it.
Value of u is 1.06 because stock price can go up by 6 % and d = 0.95as stock price can go down by 5 %.
Risk-Free Rate = 5 %
Tenure of Option = 6 months
Time Interval = 3 months each,
Current Stock Price = $ 50 
Option Strike Price = $ 51
Risk-Neutral Probability of Up Move
=[e(0.05x0.25)-0.95]/[1.06-0.95]=0.5689
Expected Payoff at...