Sizing a put–call parity mispricing

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A $50-strike call and a $50-strike put on a $52 stock both expire today (interest $\approx0$ ). The call trades at $4.00 and the put at $1.50. A riskless arbitrage exists - how much can you lock in per share (in dollars, to two decimals)?

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Put–call parity: $C-P$ should equal $S-K$ when interest $\approx0$ .
Fair $C-P=52-50=2$ ; the quotes give $4.00-1.50=2.50$ ; the arb is the $0.50 gap.

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Sizing a put–call parity mispricing

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