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1. The value of the S&P500 Index is 4500. The interest rate is 3% a year. The 6-month S&P500 Index futures is settled at

1. The value of the S&P500 Index is 4500. The interest rate is 3% a year. The 6-month S&P500 Index futures is settled at 4600. Show how you can make risk-free arbitrage profit.

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