A European call option with exercise price $33,$ and a maturity of $0\mathrm{.}4$ years, currently costs $2.$ Today's stock price is $35$ and after $3$ months a dividend of $0\mathrm{.}5$ is paid out, the interest rate is $8\%$ continuously compounded per annum.

Is there a boundary violation? If your answer is yes, explain and calculate in detail what arbitrage opportunity it creates.