We consider a European purchase right to expire in 4 months. The right is written in a share that does not pay a dividend, the current price of which is 64 euros. It is given that the exercise price is 60 euros and the interest rate without risk is 12% (on an annual basis). The price of the right is 5 euros. Examine whether there is an arbitrage opportunity and whether it is necessary to show in detail the steps required to achieve it.