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A four-month European call option on a dividend-paying stock is currently selling for $5. The...

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A four-month European call option on a dividend-paying stock is currently selling for $5. The stock price is $64, the strike price is $60, and a dividend of $0.80 is expected in one month. The riskfree rate is 12% per annum with continuous compounding for all maturities. There is an arbitrage opportunity. What is the lowest arbitrage profit? (Provide your answer in a decimal number with precision to 4 th decimal place)

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