Construct an arbitrage portfolio given the following information and please describe cash flow in each step.

The current price of a stock is $100 per share. The continuously compounded interest rate is 5% per annum. The stock is expected to pay quarterly dividend in the amount of $2 per share (i.e., the first $2 dividend arrives in 3 months and the second arrives in 6 months from now). The price of an at-the-money call option with 6 months to maturity is $3, and the price of a put with the same strike price and maturity is $2.25. (Assume both the call and the put expire immediately after the second dividend payment.)