Consider a 9-month forward contract on a corporate bond. The current price of the corporate bond is $900, and it will pay $40 coupon in 4 months. The 4-month and 9-month risk-free rates are 3% and 4%, respectively. Suppose that the forward price is $860. Is there an arbitrage? If so, present the arbitrage strategy. Specifically, construct the arbitrage that results in positive cash flow today and zero cash flow afterwards.