TSLA is trading at $489.61 per share and does not pay dividends. The implied volatility of the December 500 Call is 72%. These options are American-style, but it may be assumed that the probability of early exercise of the puts is negligible, given the low interest environment. The December options expire on Friday, December 18, 2020, and the 1-month T-bill (with a maturity closest date to the expiration date) is yielding 0.10% on a discount basis.

1. Assuming that the transaction costs and spreads are negligible, is there an arbitrage opportunity here? Explain. If your answer is 'yes,' how would you execute it?