It is August 2020 and the current price for stock AAA is $30. The current risk-free interest rate is 4 percent per annum with continuous compounding. The details of the European call options available on AAA stocks are given below Call or Put Strike Price Maturity Time to maturity Premium Call $25 September 2020 1 month $1 Call $30 September 2020 1 month $2 Call $35 September 2020 1 month $3 Call $25 December 2020 4 months $2.50 Call $30 December 2020 4 months $2 Call $35 December 2020 4 months $1.50 a. Identify error(s) in the option premium. Explain your answer in detail. b. Identify any arbitrage opportunity based on the option premiums. Explain in detail how you would conduct the arbitrage strategy. (max 300 words)