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Assume now that the term structure is a flat 3 % for all maturities.There is a company that yields a fix per year cashflow of

Assume now that the term structure is a flat $3 %$ for all maturities.There is a company that yields a fix per year cashflow of $15$ to perpetuity. The company trades at a price that results in Internal Rate of Return of $4 % .$ Are there arbitrage opportunities? If there are, what would you do to exploit them?

$($ c $)$ Given your answer to $($ b $),$ What is a positive NPV project?

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