An American put option on XYZ stock with an exercise price of 100 and a maturity of one month is currently selling at a price of $4. Meanwhile, an American put option on XYZ stock with an exercise price of 95 and a maturity of one month is currently selling at a price of $9. Is there an arbitrage opportunity?

A. Yes. In the absence of arbitrage, a put option with a higher exercise price should always be at least as expensive as a similar put option with a lower exercise price.

B. No. In the absence of arbitrage, the put option with a higher exercise price should sell at a lower premium than a similar put option with a lower exercise price, and the difference in premiums should be the difference in exercise prices.

C. Maybe, needs more info