Assume interest rates are zero. A stock trades at 20. The stock pays a dividend of 5 dollars after one year. The option expires after 18 months. An European call option trades with a maturity of 18 months and a strike price of 14. (a) Compute the lower bound on the European Call option (b) The actual European call price is 52 cents. Construct an arbitrage free strategy. (c) If the option was an American call option, what would be its lower bound