Quote: 'put-call parity shows that the price exposure from writing a covered call is the same as the exposure from writing a naked put.'. Put-call parity is c+Ke -rt = p+S0. We know that S0 - c is a covered call and -S0 + c is naked put but what about Ke-rt. I know that we don't have it in the covered call equation. But we deduce the naked put from put-call parity but put-call parity involves Ke-rt. Where is the term Ke-rt then?