The current underlying stock price is 25 baht (no dividend payment). Investors are considering a 3-month-old European call option (right price = 20 baht). Risk-free rate 4% per year.

1 Calculate the Upper Bound and Lower Bound prices of this Call option.

2 If the Call option price is 3 baht, how can investors do Arbitrage and how much profit from Arbitrage?

3 If the call option costs 8 baht and Put option (at the same age and exercise price) is equal to 5 baht, how can investors do Arbitrage and how much profit from Arbitrage?