Suppose the market price of a European put option on a non-dividend paying stock is smaller than the lower bound given by Xe-r*(T-t) St. In general, how does an investor achieve arbitrage profits?

(a) Buy puts, long shares, and buy risk-free bonds

(b) Buy puts, long shares, and borrow at the risk-free rate

(c) Buy puts, short shares, and buy risk-free bonds

(d) Write puts, short shares, and buy risk-free bonds

(e) Write puts, long shares, and borrow at the risk-free rate