European put option prices, p(K), as a function of strike prices, K, on DY stock with a current price of $10: Strike Price K1 K2 K3 K4 10 11 12 13 Put Price p1 p2 p3 p4 3.0501 3.4451 4.2401 4.5352 These options are all maturing in 6 months. The annualized continuously compounded risk-free rate is 1%. Please identify two violations of no-arbitrage. For each of the two violations, construct an arbitrage portfolio to realize the risk- free profits and show how the portfolio performs under different market conditions at maturity