A stock currently trades at $52. It is expected that dividends of $1.00/share will be paid to owners of the stock at 1 month and at 4 months from the current date. Consider these dates as ex-dividend dates as well. The continuously compounded risk free rate is 5%. European call and put options on the stock with exercise prices of $50 and 6 months to the expiration date are currently trading.

a) Calculate the lower bound for the value of the European call.