Kakyoin has found that the price of cherries will change according to the following parame- ters: 1 1 2 So = 3, S.(H) = 4, S.(T) = 2, p = 12 3 COIN Kayoin has also found that a one-period European call on cherries with a strike price of 3 2 has a market value of at time 0. Can Kakyoin extract arbitrage from this situation? If not, explain why not. If so, create a portfolio to extract arbitrage. 13