A European put option written on a non-dividend paying stock has a strike price K = 140, it matures in T = 7 months and it is traded for p = 15.31. The stocks spot price is S0 = 110. The continuously compounded risk-free rate is 9% per annum. Which of the following statements is correct?

A) The European put price violates the upper price bound.

B) There is NO arbitrage opportunity.

C) The arbitrage strategy is: Buy the put, buy the stock and sell a bond that pays 140 in 7 months.

D) The present value of the arbitrage profit is ALWAYS EQUAL to 7.53.