4. Consider two securities described in the table below. Security Current Price (Year 0) Cash Flow in Year 1 Cash Flow in Year 2 X $16 $20 $0 Y $14 $0 $25 You find a security Z that offers cash flows $20 in Year 1 and $25 in Year 2; (a) The no-arbitrage price of Z is $30 (b) The no-arbitrage price of Z can be anything (c) The no-arbitrage price of Z is $45 (d) We cannot calculate the no-arbitrage price of S because we don