A share currently trades at $60. A European call with exercise price $58 and expiry in three months trades at $3. The three month default-free discount rate is 5%. A put is offered on the market, with exercise price $58 and expiry in three months, for $1.50. Do any arbitrage opportunities now exist? If there is a possible arbitrage, then construct a portfolio that will take advantage of it. (This is an application of put call parity.)