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The price of a four-month European put option on a non-dividend-paying stock is $3. The stock price is $45, the strike price is $50, and

The price of a four-month European put option on a non-dividend-paying stock is $3. The stock price is $45, the strike price is $50, and the risk-free interest rate is 12% per annum. Please explain the arbitrage opportunities?

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