Consider a one-year futures contract for 1 share of a dividend paying stock. The current stock price is $50 and the risk-free interest rate is 10%p.a. It is also known that the stock will pay a $3 dividend at the end of year 1. The current settlement price for the futures contract is $51. Set up a strategy for an arbitrage profit.What are the initial and terminal cash flows from the strategy? Assume that investors can short-sell or buy the stock on margin and that they can borrow and lend at the risk-free rate. There are no margin requirements, transactions costs, or taxes.