You are looking at options on Ravenclaw Corporation with 13 months until expiration and a strike price of $50. The risk free rate for maturities between 1 and 13 months is 2.5% (annualized with continuous compounding). The firm is expected to pay a dividend of $1.20 each quarter over the next 13 months (i.e. a $1.20 dividend in 3,6,9 and 12 months), and the current stock price is $48.11. The price of the call option is $3.14 and the put option is $4.79. Find the arbitrage trade given these prices and show the profit for each contract. (Hint: use put-call parity with dividends)