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A stock price (which pays no dividends) is $47 and the strike price of a two-year European put option is $79. The risk-free rate is

A stock price (which pays no dividends) is $47 and the strike price of a two-year European put option is $79. The risk-free rate is 3% per annum (continuously compounded). What is the lower bound for the option price such that there are arbitrage opportunities if the price is below the lower bound and no arbitrage opportunities if it is above the lower bound? Round your answer to 2 decimal places.

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