A U$.$S$.$ Treasury bond with a $20$ year maturity is deliverable for a futures contract that settles in $6$ months.

The coupon rate on the bond is $5\%$ and the bond is selling at par $($ $$100).$ The price of the futures contract

is $$98$ and the borrowing$/$lending rate is $3\%.$ Answer part a and no chat gpt

a$.$ Specify the cash flows from a synthetic futures contract that allows you to earn arbitrage profits if you sell or are short the futures contract

Specify your arbitrage profits.