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Consider a European put option on Google with strike price $399.00 expiring in 15 months. Suppose that the spot price of Google is $266.00 and

Consider a European put option on Google with strike price $399.00 expiring in 15 months. Suppose that the spot price of Google is $266.00 and the risk-free rate is 4.9%. The put premium is $151.29. Suppose the stock pays a dividend. Find the range of (the present value of) the dividend for which there is an arbitrage opportunity.

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