The price of a European call that expires in six months and has a strike price of $38 is $3. The underlying stock price is $39, and a dividend of $1 is expected in one months and again in four months. The continuously compounded interest rate is 8%. What is the price of a European put option that expires in six months and has a strike price of $38? 3) Explain the arbitrage opportunities in the earlier problem if the European put price is $3.5