A stock currently sells for $50.00. A 3-month European put option with a strike of $48.00 has a premium of $1.25. The stock has a 3% continuous dividend. The continuously compounded risk-free interest rate is 5%.

Suppose you observe the price of the associated call to be $3.1. Give a portfolio that can be used to take advantage of the arbitrage opportunity, and show that the portfolio that you give is an arbitrage portfolio.