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What is the lower bound for the price of a 7-month European put option on a dividend-paying stock when the stock price is $38.3, the

What is the lower bound for the price of a 7-month European put option on a dividend-paying stock when the stock price is $38.3, the strike price is $40, the risk-free interest rate is 1.1% per annum, and the stock is expected to pay a dividend of $2.56 in three months?

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