Below is one future contract traded on the stock exchange, with corn as the underlying product. We have access to the closing prices of the future and the spot prices. Suppose that Friday is the delivery time. Weekday Futures Price Spot Price Monday $4 $3.85 Tuesday $5 $4.80 Wednesday $6 $5.90 Thursday $7 $6.95 Friday $7.5 $7.50 (i) Justify that on Friday the future price for immediate delivery must equal the spot price, otherwise there is an arbitrage opportunity. (ii) Compute the gains/losses if you long two future contracts on Monday and short them on Tuesday (iii) Compute the gains/losses if you short two future contracts on Tuesday and long them on Thursday