A European call option and put option on a stock both have a strike price of $45 and an expiration date in six months. Both sell for $2. The risk-free interest rate is 5% p.a. The current stock price is $43. There is no dividend expected for the next six months. a) If the stock price in three months is $48, which option is in the money and which one is out of the money? b) As an arbitrageur, can you find any arbitrage opportunities from these two options? If so, please show the cash flows of your transactions carefully; if not, show your reason(s) carefully. c) How would your answers to b) change if the call option price is $1 and the put option price is $3