The June Crude Oil Futures price is $71.31/bbl. A call on June CL struck at $72 is currently selling at $4.26, and a put struck at $72 is selling at $5.26. These prices are quoted as of 23 March, 2023. The options expire on 17 May, 2023. The relevant interest rate is 4.0 percent. The options are European. Identify an arbitrage opportunity. Indicate which option you should buy, which option you should sell, and whether you should buy or sell the futures contract. How much money will you make?

b) If the options are American, is there still an arbitrage opportunity? If so, indicate the transactions you should undertake (what to buy, what to sell).