Exhibit 20 -Refer to Exhibit 20

Exhibit 20.6
Use the Information Below for the Following Problem(S)
The current stock price of ABC Corporation is $53.50. ABC Corporation has the following put and call option prices that expire 6 months from today. The risk-free rate of return is 5% and the expected return on the market is 11%.
$$\begin{array} { c c c } \text { Exprcisp Price } & \text { Put Price } & \text { Call Price } \\50 & \$ 1.50 & \$ 5.75 \\55 & \$ 3.25 & \ldots\end{array}$$
-Refer to Exhibit 20.6.What is the value of a synthetic stock created with put and call options that expire in 6 months with an expiration price of $50?

A) $53.04
B) $53.53
C) $54.54
D) $55.03
E) $56.23