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A European put option on Tata Steel stock at the strike price of Rs.440 with expiry of three months, is Rs. 30 with risk-free interest

A European put option on Tata Steel stock at the strike price of Rs.440 with expiry of three months, is Rs. 30 with risk-free interest rate of 7% per annum and the current price of stock is Rs. 435. Identify the arbitrage opportunities open to a trader if the put price is Rs. 40 or 20.

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