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4. (20 pts) Suppose the stock S pays dividend d at time to with to E (0,T). Let CA and PA be the prices of American call and put options, each with the same exercise price X and exercise time T. Use No-arbitrage arguments to prove that: CA - PA > S(0) - de-rto X, where we assume the continuous interest rate is the constant r. 4. (20 pts) Suppose the stock S pays dividend d at time to with to E (0,T). Let CA and PA be the prices of American call and put options, each with the same exercise price X and exercise time T. Use No-arbitrage arguments to prove that: CA - PA > S(0) - de-rto X, where we assume the continuous interest rate is the constant r