What is the lower bound for the price of a $4-$month European call option on a dividendpaying stock when the stock price is $$44\mathrm{.}13,$ the strike price is $$40,$ the risk$-$free interest rate is $1\mathrm{.}5\%$ per annum, and the stock is expected to pay a dividend of $$2\mathrm{.}25$ in three months?

Report your answer in dollars and cents.

Answer: