A stock price (which pays no dividends) is $49 and the strike price of a 1-year European put option is $58. The risk-free rate is 2% (continuously compounded). Calculate the lower bound for the option 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. (Keep to 2 decimal places) QUESTION 3 A one-month European put option on a non-dividend-paying stock is currently selling for $1.6. The stock price is $35, the strike price is $43, and the risk-free interest rate is 5% per annum. What is the minimum arbitrage profit you can make in today's value? (Keep to 2 decimal places)