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Suppose the stock S pays dividend d at time to with to E (0, T). Let CA and PA be the prices of American

Suppose the stock S pays dividend d at time to with to E (0, T). Let CA and PA be the prices of American call and put options, each with the same exercise price X and exercise time T. Use No-arbitrage arguments to prove that: CA - PA 2 S(0) derto - X, where we assume the continuous interest rate is the constant r.

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