SOA FAMFundamentals of Actuarial Mathematics

A stock trades at 50 and pays no dividends. A 1-year European call with strike 48 costs 6.50. The annual effective risk-free rate is such that $e^{-rT}$ discounting applies with $r=5\%$. Using put–call parity $C-P=S-Ke^{-rT}$, calculate the price of the corresponding put.