(Putcall parity) The current market price of a 2-month European put option on a non-dividend-paying stock with strike price of $50 is $4. The stock price is $47 and the risk-free interest rate is 3%.

a. If a 2-month call option with the same strike price is currently sell-ing for $1, what opportunities are there for an arbitrageur? How can you exploit arbitrage?

b. Would the above market prices still provide an arbitrage opportunity if the option has a 1-month maturity and the stock price is $46.877?