Consider a forward contract maturing in $1$ year, if the dividend yield is implied by the

observed spot price of the underlying, the observed forward price, and the observed

risk$-$free rate is lower than you believe if $($the dividend yield$)$ is to be$,$ how could you

make an arbitrage profits?

a$.$ Long the forward contract, short sell some of the underlying, lend the proceeds from

the short sale for a year

b$.$ Short the forward contract, borrow to buy some of the underlying asset

c$.$ Long the forward contract, buy some of the underlying, lend the proceeds from the

short sale for a year

d$.$ Short the forward contract, short sell some of the underlying, borrow cash for a year

Which of the following Is not true abo