2) An eleven-month European put option on a dividend-paying stock is currently selling for $5. The stock price is $50, the strike price is $54, and the risk-free interest rate is 9% per annum. The stock is expected to pay a dividend of $3 three months later and another dividend of $3 nine months later. Explain the arbitrage opportunities available to the arbitrageur by clearly demonstrating what would happen under different scenarios