Please answer all parts in-depth. This is part of my final assignment for college, so its very appreciated!!!

8. A European call option and put option on a stock both have a strike price of $20 and an expiration date in 3 months. Both sell for $3. The risk-free APR is 12% with monthly compounding, the current stock price is $19 and the stock will pay a (guaranteed) dividend of $1 every month. Identify if these prices are consistent with the lack of arbitrage. If they are not, construct an arbitrage portfolio and explain how you would exploit the mispricing