For a European Put Option on an Index,the Index Level

Multiple Choice

For a European put option on an index,the index level is 1,000,the strike price is 1050,the time to maturity is six months,the risk-free rate is 4% per annum,and the dividend yield on the index is 2% per annum.How low can the option price be without there being an arbitrage opportunity?

A) $50.00
B) $43.11
C) $29.21
D) $39.16