A European call and a European put on stock XYZ have expire in 8 months. The price of the call is c=$5 and the price of the put is p=$3. The stock is selling for $100, the strike price is $95 and the risk-free rate is 6% per year. The stock is paying a quarterly dividend of $2 (i.e., $2 every 3 months). a) Are there any arbitrage opportunities? If so, how much is the arbitrage profit? b) Show in detail how you can earn the arbitrage profit using a table with cash flows for time t=0 and time t=T.