A pair of European call and put options have identical strike price of $100 and identical maturity of six months. The underlying stock is currently trading at $100 per share. The risk-free rate is 2% per annum, compounded continuously. The company has announced an annual dividend of $3.60 per share, to be paid in four quarterly instalments, with the first one to be paid two months from now. If both options are selling for $10, are there any arbitrage opportunities? If your answer is yes, show how a trader can take advantage of the opportunities. Describe in detail the initial positions, the unwinding of these positions at option maturity and how the arbitrage profit is determined. If your answer is no, explain why not.