An Exchange-Traded Fund (ETF) is a security that represents a portfolio of individual stocks. Consider an ETF for which each share represents a portfolio of one share of Hewlett-Packard (HPQ), two shares of Sears (SHLD), and four shares of General Electric (GE). Suppose the current stock prices of each individual stock are as shown here: a. What is the price per share of the ETF in a normal market? b. If the ETF currently trades for $164, what arbitrage opportunity is available? What trades would you make? c. If the ETF currently trades for $194, what arbitrage opportunity is available? What trades would you make? Consider two securities that pay risk-free cash flows over the next two years and that have the current market prices shown here: a. What is the no-arbitrage price of a security that pays cash flows of $200 in one year and $200 in two years? b. What is the no-arbitrage price of a security that pays cash flows of $200 in one year and $1600 in two years? c. Suppose a security with cash flows of $100 in one year and $200 in two years is trading for a price of $260. What arbitrage opportunity is available