Consider three European call options, written on the same stockS, with the same maturity date T, and with the strike prices: $100, $145, and $160. Assume also that CE(100) = $80, CE(145) = $36, and CE(160) = $20, where CE(X)is the price of the option at time0. The interest is some given >0, compounded continuously. Find an arbitrage opportunity. Provide all the transactions at time 0 and all the transactions at time T. You may assume that there are no dividend payments.