European call and a European put on a stock have the same strike price and time to maturity. At 10:00am on a certain day, the price of the call is $3, and the price of the put is $4. At 10:01am news reaches the market that has no effect on the stock price or interest rates but increases volatilities. As a result, the price of the call changes to $4.50. If the price of the put option increases to $6, is there an arbitrage situation? Set up an arbitrage portfolio and show how you would profit from the arbitrage situation. What is your profit in present value terms?