Explain how you would exploit any arbitrage.

A stock which is currently trading at $14 has a 20% chance of going up to $18 tomorrow and an 80% chance of dropping to $12 tomorrow. P is a binary put option on the stock with an exercise price of $14. In the market, the binary puts are selling for $0.50. Call the portfolio set up to eliminate risk. The risk-free rate of return is 0.8.