Assignment:
On June 25th, the call premium on a Dec 25 PHLX contract is 6.65 cents per pound at a strike price of $1.81. The 180-day interest rate is 7.5% in London and 4.75% in New York. If the current spot rate is 1 pound sterling = $1.8470 and the put=call parity holds, what is the put premium on a December 25 PHLX pond contract with an exercise price of $1.81?
Provide complete and step by step solution for the question and show calculations and use formulas.