3. You are examining the S\&P 500 on September 21 . You can go long or short in a valueweighted portfolio of the stocks in the S\&P 500, and you scale the value of this portfolio to equal the spot index value of $4,575. The November S\&P 500 futures price on September 21 is $4,545, and the contract will be financially settled on November 21 based on the spot index value. The basket of stocks will pay dividends of $12 on October 21 and $14 on November 21. One-month LIBOR is 2.7% and two-month LIBOR is 3.0%. Is there an arbitrage opportunity? What are the cash flows generated by the arbitrage strategy