[Lower Bound of European Put Option Prices] Suppose that:
p = 5 S0 = 140
K = 150 r = 4%
T = 1
Given the above information on European put option price (p), spot price (S0), strike price (K), risk-free rate (r), and time-to-maturity (T), verify if there is an arbitrage opportunity. If there is an arbitrage opportunity, discuss how you can construct an arbitrage strategy using the above information.