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Suppose the following for European options: Stock price = $94 3-month call options with strike price $97 3-month put option with strike price $98 1-year

Suppose the following for European options:

Stock price = $94

3-month call options with strike price $97

3-month put option with strike price $98

1-year risk-free rate is 3%.

The put option is trading at $5 and there is a similar put option with an exercise price of $101 is trading at $8.5. The arbitrage gain that can be made is equal to

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