The price of a non-dividend-paying stock is $100 and the continuously compounded risk-free rate is 5%. A 1-year European call option with a strike price of $100 ×  $ XXXXXXXXXXhas a premium of $...

The price of a non-dividend-paying stock is $100 and the continuously compounded risk-free rate is 5%. A 1-year European call option with a strike price of $100 ×
 $105.127 has a premium of $11.924. A 1 2 year European call option with a strike price of $100
 = $107.788 has a premium of $11.50. Demonstrate an arbitrage.