Explanation : Put-call parity is given by: long stock + long put = long call + risk-free
zero coupon bond. Hence a risk-free zero coupon bond (a risk-free
position) can be created as follows: long stock + long put + short call.
Explanation : According to put-call-forward parity, the put price plus the value of a riskfree bond with face value equal to the forward price equals the call price
plus the value of a risk-free bond with face value equal to the exercise