A European call option and put option on a stock both have a strike price of $70 and an expiration date in 6 months. Currently, the call price is $20 and the put price is $12. The riskfree rate is 5% per annum, the current stock price is $75 and a $2.00 dividend is expected in 3 months. Identify the arbitrage opportunity open to the trader. All the interest rates are continuous compounded. Q2: Is the market put price greater or smaller than the arbitrage-free put price in Q1