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A three-month European put option on a non-dividend-paying stock is currently selling for $3. The stock price is $20, the strike price is $25, and

A three-month European put option on a non-dividend-paying stock is currently selling for $3. The stock price is $20, the strike price is $25, and the risk-free interest rate is 5% per annum. Is there an arbitrage opportunity? Show the arbitrage transactions now and in three months.

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