A portfolio consisting of a $5-$year par yield corporate bond that provides a yield of $15\%$

and a long position in a $5-$year CDS costing $100$ basis points per year is $($approximately$)$

a long position in a riskless instrument paying $12\%$ per year. What are arbitrage

opportunities in this situation is risk$-$free rate is $10\mathrm{.}5\%?$ What if it is $14\mathrm{.}5\%?$