Market in which no arbitrage opportunities are available

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Which of the following statements is true in a market in which no arbitrage opportunities are available? I. A long forward for delivery in one year at $100 is worth more than a long call option struck at $100 that expires in one year. II. A short forward which makes delivery in one year at $100 is worth more than a long put option struck at $100 that expires in one year. III. A short forward which makes delivery in one year at $100 is worth more than a short call option struck at $100 that expires in one year IV. A long forward for delivery in one year at $100 is worth more than a short put option struck at $100 that expires in one year a. only I and IV b. only III and IV c. only I and II d. cannot be determined with the information given e. I, II, III, and IV

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