Entête de question

Privatbank Kleinert KGaA, a private wealth manager in Munich, has a number of clients with large holdings in the German fintech firm SparCoin AG. Kleinert’s analyst is concerned about a drop in SparCoin’s share price in the next year and is recommending to clients that they consider purchasing a one-year put with an exercise price of €100. SparCoin’s spot price (S₀) is €105.25, and it pays no dividends. The risk-free rate is 0.37%.