How can we prove these inequalities using arbitrage?

= Following the argument presented at the beginning of this section, we can reformulate put-call parity as follows: CE PE = VXO), (7.4) where Vx(0) is the value of a long forward contract, see (6.10). Note that if X is equal to the theoretical forward price S(O)erT of the asset, then the value of the forward contract is zero, Vx(0) = 0, and so CE = PE Formula (7.4) allows us to generalise put-call parity by drawing on the relationships established in Remark 6.3. Namely, if the stock pays a dividend between times 0 and T, then Vx(0) = S(0) - divo Xe-rT, where divo is the present value of the dividend. It follows that CE PE = S(0) - divo Xe-rT. (7.5) If dividends are paid continuously at a rate rdiv, then Vx(0) = S(0)e="divT Xe-T, SO CE PE = S(0)e-"divT Xe-rT. (7.6) = = Exercise 7.5 Outline an arbitrage proof of (7.5). Exercise 7.6 Outline an arbitrage proof of (7.6). = Following the argument presented at the beginning of this section, we can reformulate put-call parity as follows: CE PE = VXO), (7.4) where Vx(0) is the value of a long forward contract, see (6.10). Note that if X is equal to the theoretical forward price S(O)erT of the asset, then the value of the forward contract is zero, Vx(0) = 0, and so CE = PE Formula (7.4) allows us to generalise put-call parity by drawing on the relationships established in Remark 6.3. Namely, if the stock pays a dividend between times 0 and T, then Vx(0) = S(0) - divo Xe-rT, where divo is the present value of the dividend. It follows that CE PE = S(0) - divo Xe-rT. (7.5) If dividends are paid continuously at a rate rdiv, then Vx(0) = S(0)e="divT Xe-T, SO CE PE = S(0)e-"divT Xe-rT. (7.6) = = Exercise 7.5 Outline an arbitrage proof of (7.5). Exercise 7.6 Outline an arbitrage proof of (7.6)