Calculate the fair value of an equity index futures contract with the current index level of $1,364\mathrm{.}10$ and an annualized dividend yield of $2\mathrm{.}1\%$ with $($t $=0\mathrm{.}10$ years$)$ to expiration and an effective annualized risk free interest rate of $1\mathrm{.}5\%$ for the $25-$day period.Calculate the implied repo rate if the actual price of the index in the above question were $1366\mathrm{.}70$ and explain what an arbitrageur might do in this situation.