19. A call option has X-$45 and expire in 115 days. The risk-free rate is 4.5%. The call is priced at $9.00. A put option has X=$45 and is priced at $3.75. The underlying asset is priced at $50. Which of the following statement is correct? A. There is no arbitrage opportunity B. There is arbitrage loss and whoever invest will lose a lot C. There is arbitrage profit and whoever invest will gain a lot D. It cannot be determined whether or not arbitrage opportunity exist E. None above 20. Which of the following statement is true? A. For any type of option strategy, the payoffs will never be negative B. For any type of option strategy, the profit will never be negative C. There is no option strategy that guarantees positive profit D. There is no option strategy that guarantees positive payoffs E. None above