Question: Looking for the step process, answer is given A stock price (which pays no dividends) is $49.17 and the strike price of a two year

Looking for the step process, answer is given

A stock price (which pays no dividends) is $49.17 and the strike price of a two year European put option is $52. The risk-free rate is 1.87% (continuously compounded). Which of the following is a lower bound for the option such that there are arbitrage opportunities if the price is below the lower bound and no arbitrage opportunities if it is above the lower bound? $0.9214 $0.9217 $0.9220 $0.9211

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