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4. (20 points) Consider a game of chance using one coin. To enter the game, you pay a $1 fee. You win a dollar if

4. (20 points) Consider a game of chance using one coin. To enter the game, you pay a $1 fee. You win a dollar if it is a head and you lose two dollars if it is a tail. There is also a zero-coupon bond with a face value of $1 and a price of $0.8. Is there an arbitrage opportunity?

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