The price of a European call that expires in nine months and has a strike price of $50 is $4.80. The underlying stock price is $51, and a dividend of $1.50 is expected in four months. The term structure is flat, with all risk-free interest rates being 10%. a. What is the price of a European put option on the same stock that expires in nine months and has a strike price of $50? b. Explain in detail the arbitrage opportunities if the European put price is $1.20. How much will be the arbitrage profit?