A 2 month European put option on a dividend paying stock is currently selling for $1:00: No dividend is expected to be paid during the 2 month period. The annual dividend yield is q = 0:04 or 4%: The stock price is S0 = $28; K = $30 and the annual risk-free rate is r = 10% per year. Assume continuous discounting. Are there opportunities for arbitrage? If so, explain by presenting the arbitrage strategy in details. Hint: start by providing the lower and upper bounds for a put option.