A pure arbitrageur observes the following prices on November 15, 2001: The quoted price on a T-bill futu res that expires on Nov 15 is 94.5, This contract delivers a 91-day T-bill at maturity The 106-day T-bill yield that expires on March 1t 2002, is equal to 5.53 %. The repo rate for 15 days is an annualized 5.3 %. A pure arbitrageur observes the following prices on November 15, 2001: The quoted price on a T-bill futu res that expires on Nov 15 is 94.5, This contract delivers a 91-day T-bill at maturity The 106-day T-bill yield that expires on March 1t 2002, is equal to 5.53 %. The repo rate for 15 days is an annualized 5.3 %