{A}. The S&P 500 is currently at 3,225. SPX is the symbol for European-style options on the S&P 500. Call options expiring in 3 months with a strike of 3,500 are trading at 29.40. Assuming an interest rate of 1% compounded continuously, what should the arbitrage-free price of the corresponding put option? (Note: Use put-call parity and round your answer at the very end to two decimal places.) {B}. Then suppose a trader cites a price for the put that you consider too high. How would you take advantage of the arbitrage opportunity? Part A: Arbitrage Free Price $________ Part B: Take a _____ position in the call, _____ position in the put, _____ position in the underlying stock, and _____ position in bonds. (Using "Long" "Short" or "No" in blanks).