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A Sandra PLC share is available at R20. The theoretical/calculated futures price is R27 per share. If the futures contract available at that stage was

A Sandra PLC share is available at R20. The theoretical/calculated futures price is R27 per share. If the futures contract available at that stage was R25, indicate the appropriate strategy that would earn an arbitrage profit. 1 Short futures, long spot and borrow money 2 Long futures, long spot and invest proceeds 3 Long futures, short spot and invest proceeds 4 Short futures, long spot and invest proceeds

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