You are given the following discount factors:

T Z(0, T) 0.5 0.994 1 0.988 1.5 0.974 2 0.962 2.5 0.946 3 0.933 3.5 0.917 4 0.895

You are told that the price of a European Call option on a 2-year fixed rate bond paying 5% semiannually, with T = 2 and K = 101 is 4.6155. This means you will choose whether or not to exercise the option 2 years (T = 2) from today. If you exercise the call option, you will purchase the underlying 2-year bond at the strike price. While the price of a European Put option with the exact same specification is: 3.05. Are the securities adequately priced? If not, how to take advantage of the arbitrage opportunity?