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The current price of a stock is $19. There is a dividend of $2 to be paid in 9 month. The risk-free rate is 5%

The current price of a stock is $19. There is a dividend of $2 to be paid in 9 month. The risk-free rate is 5% per annum. What is the lower bound of the value of a 12-month European put option with a strike price of $20?

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