A 6-month futures contract on th S\&P 500 index is currently priced at 4,395 . The underlying index stocks are valued at 3,445 and pay dividends at a continuously compounded rate of 3,4%. The current continuously compounded riskfree rate is 3.9%. a. The potential arbitrage is closest to: index points Round your answer to two decimals. b. What is the likely shape of the futures term structure? contango backwardation c. What type of trade this mispricing sugests? reverse cash and carry cash and carry d. What position in the futures need to be taken? long short