3.Consider American call and put on stock Y. Both the call and the put are 6-month to expiration with strike price of $205. Current stock price is $200; and the stock does not pay any dividend in 6-month. Interest rate is 10%. The call option premium is $8.57.

Suppose market price of the put is out of your range and is over-priced. Please use a numeric example to briefly describe your arbitrage strategy and cash flows today and in 6 months.