LJL is a company that does not pay dividends. Its share price is currently $80. The riskfree rate of interest is 5% per annum continuously compounded.

A European call option written on LJL has an $84 strike price and one year to expiry. The Black-Scholes model tells us that this call option should be trading at $13.06, yet we see it trading in the market at $13.40.

Similarly, there is a European put option written on LJL, which also has an $84 strike price and one year to expiry. The Black-Scholes model tells us that this put option should be trading at $12.17, yet we see it trading in the market at $11.90.

The mispricing of these two LJL options presents an arbitrage opportunity. Explain the trades that must be entered today in order to capture the arbitrage profit on offer