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The price of a non-dividend-paying stock is $45. The strike price of a six-month American put option is $50. The risk-free rate is 3% (continuously

The price of a non-dividend-paying stock is $45. The strike price of a six-month American put option is $50. The risk-free rate is 3% (continuously compounded). Which of the following is a lower bound for the option such that there are arbitrage opportunities if the price is below the lower bound and no arbitrage opportunities if it is above the lower bound?

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