Suppose the price of a non-dividend-paying stock is $50. There exist European call and put options on the stock with one month to maturity and the strike price $50. The call is worth of $4 and the put is worth of $4.5. The interest rate is zero.

a). What is the cost to construct a synthetic call based on put-call parity?

b) Show the cash flow from a long position in the synthetic call in the following table.

Transactions	Cash flow t	Cash flow T,	Cash flow T,

c) Is there an arbitrage opportunity between the synthetic call and the actual call? If so, what is the arbitrage profit on a per share basis?