Assume that the U.S. market meets the following conditions: i) the continuously compounded risk-free interest rate is 9% per annum. ii) the dividend yield on the S&P 500 index is 3% per annum. iii) the S&P 500 index is standing at 1000 now. iv) the S&P 500 index futures contracts are deliverable in three months from now and the S&P 500 index futures price is 1009. v) one S&P 500 index futures contract is on $50 times the S&P 500 Index. vi) there are no transactions costs and no taxes. vii) the investors can borrow or lend money at the same risk-free interest rate. viii) the arbitrageurs always take advantage of the arbitrage opportunities as soon as they emerge. Required: Is there any arbitrage opportunity with this case? If your answer is yes, demonstrate the correct arbitrage strategy and calculate how much an arbitrageur can earn on average for each S&P 500 index futures contract. If your answer is no, justify your answer.