URGENT A European put option written on a non-dividend paying stock has a strike price K = 130, it matures in T = 8 months and it is traded for p = 149.54. The stocks spot price is S0 = 100. The continuously compounded risk-free rate is 11% per annum. The present value of the arbitrage profit is AT LEAST:

In your response, please show all cash flows (both today and at expiration) and explain why this is an arbitrage (i.e. risk-less) profit. Please explain your answer and show your workings.