Suppose Lotus stock price is currently $50 and a dividend of $3 is expected in three months. A six-month European call option on the stock with an exercise price of $49 is selling for $6. A six-month European put option on the stock with an exercise price of $49 is selling for $3.50. The risk-free interest rate is $15% per year. a. Is there any arbitrage opportunity? b. If you answer yes to part a, please show your arbitrage strategy. Show the cash flows at t=0 and cash flows at t=6 months if the stock is $60 or $30.