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(ii) Suppose the price of a three-month European call option with exercise price $50 is $3. If the initial share price of the underlying non-dividend

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(ii) Suppose the price of a three-month European call option with exercise price $50 is $3. If the initial share price of the underlying non-dividend bearing stock is $51 and the risk-free interest rate is 10% per annum, what would have to be the price of a three-month European put option with the same maturity and the same exercise price to avoid creating arbitrage opportunities? Justify your

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