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A European put with a maturity of 1 month on a non-dividend paying share is currently listed at 2.5 . The share is listed at

A European put with a maturity of 1 month on a non-dividend paying share is

currently listed at 2.5 . The share is listed at 46.8, the exercise price is 50 and the rate is 1.50 per share.

of risk-free interest with continuous capitalisation is 6% per annum.

Calculate the lower bound of this put

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