Suppose the ex-dividend stock price follows a one-period binomial model, i.e., it is S0 at time 0 , and the price at a future date T, ST={uS0,dS0,withprobabilityp,withprobability1p, where u>d and p(0,1). The rate of dividend is q, i.e., the amount of dividend payments per share of stock to the stock holder is qS0. The risk-free asset yields a rate of return r in the duration [0,T], i.e., 1 dollar investment at time 0 in the risk-free asset leads to a deterministic payoff 1+r. Give a sufficient and necessary condition that excludes arbitrage opportunity by trading the stock and risk-free asset