13. Answer the following questions regarding the lower bounds of call options 1) What is a lower bound for the price of a 4-month European call option on a non-dividend- paying stock when the stock price is $28, the strike price is $25, and the risk-free interest rate is 8% per annum? 2) If the call option above is traded in the market at $1, can you implement an arbitrage strategy? Explain the process