Explanation

In the Black model for European options on futures:

For a put option:

• Put price = Bond component - Futures component

For a call option:

• Call price = Futures component - Bond component

Where:

• Futures component = F × N(d₁) × e^(-rT)
• Bond component = X × N(d₂) × e^(-rT)

For a put option: P = X × e^(-rT) × N(-d₂) - F × e^(-rT) × N(-d₁)

This can be rewritten as: P = [X × N(-d₂) × e^(-rT)] - [F × N(-d₁) × e^(-rT)]

Which is: Put price = Bond component - Futures component

Therefore, option C is correct.