3 Q1) The price of a three-month European call option is $3, th price of a three-month European put option is $2.25, both options have the same strike price of $30. The underlying stock price is $31, and the risk-free rate is 10% p.a with continuous compounding. A dividend of $0.20 is expected in one month time. (a) Identify the arbitrage opportunity (if any) open to the trader? (b) Provide a detailed description of the arbitrage strategy and calculate the arbitrage profit in present-value terms