For two call options on the same underlying asset and same time to maturity, the

relationship $c(K_1)c(K_2),$ for $K_1$ must hold. Otherwise, there $is$ arbitrage

opportunity. Given the following option prices:

Among the four calls, there $is$ one pair for which the above relationship $is$ not hold and

thus, one can make arbitrage. $Todoso,$ one should buy the call with strike price

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$,$ and sell the call with strike price

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The minimum profit $is$

$,$ and

the maximum profit $is$