Please help and please use the image! The automatic transcript is NOT accurate. Please type if you can, I have poor vision. Thanks!

For this problem, assume that at this moment, $S=$$$99,r=0\mathrm{.}02,$

$,C_{100}(99,T-\frac{1}{2})-P_{100}(99,T-\frac{1}{2})=$$$8,$ and $T=t+\frac{1}{2}$ year.

$($a$)$ Are there any arbitrage opportunities? If so$,$ explain how to tackle this opportunity and

determine how much money can be made.

$($b$)$ All sorts of events can happen in the next six months. Nevertheless, you are safe at

expiration date. List the possibilities to explain how the profit you made remains made, and

you can cover all debts