1. Say there are three states of the world and three assets with returns summarized as follows: . If there is no arbitrage, what must the risk-free rate be? . Assume there is a risk-free asset with a rate higher than the value you calculated for part a). How would you take advantage of this arbitrage? 1. Say there are three states of the world and three assets with returns summarized as follows: . If there is no arbitrage, what must the risk-free rate be? . Assume there is a risk-free asset with a rate higher than the value you calculated for part a). How would you take advantage of this arbitrage