A one-month European call option on a non-dividend-paying stock is currently selling for $1. The stock price is $47, the strike price is $50, and the risk-free rate is 6% per annum (continuously compounded). If the price of a one-month European put on the same stock with the same strike price is $5, is there arbitrage opportunity? If yes and you do the cash flow table as we did in class, how much is your cash flow today?

A. Between 0 and 0.5

B. Between 0.5 and 1

C. Between 1 and 1.5

D. Between 1.5 and 2

E. Between 2 and 2.5