An institutional trader is tasked with seeking out arbitrage opportunities, and is particularly focused on price discrepancies between put and call options on Apple Inc. (Nasdaq: AAPL) stock.The institutional trader finds a European call option trading at $23.00, and a European put option trading at $5.00, when the stock price is $175.00.Both options have an exercise price of $160.00, and a maturity of six months.The risk-free interest rate is 2.0% (continuously compounded).

Does put-call parity hold?If not, then describe the arbitrage opportunity