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A European call option and a put option on a stock both have a strike price of $20 and an expiration date in 3 months.

A European call option and a put option on a stock both have a strike price of $20 and an expiration date in 3 months. Both sell for $3. The risk-free rate is 10% per annum, the current stock price is $19 and a $1 dividend is expected in 1 month. Identify the current arbitrage opportunities open to a trader.

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