(a) The price of Compact Stock of a face value of 10 on 31st December, 2012 was 414 and the futures price on the same stock on the same date i.e., 31st December, 2012 for March, 2013 was 444. Other features of the contract and the related information are as follows. . Time to expiration 3 months (0.25 year) Annual dividend on the stock of 30% payable before 31.3.2012. Borrowing Rate is 20 % p.a. . Based on the above information, calculate future price for Infosys stock on 31st December, 2012. Please also explain whether any arbitrage opportunity exists