Consider an 8-month forward contract on AT&T. The current price of AT&T is $60, and a dividend of $2 is expected at the end of 4 months. Assume that the risk-free rate of interest is 6 percent per year (continuously compounded). The actual forward price were $67 per share. You, an arbitrageur, will set up arbitrage strategy to earn arbitrage profits.

Please fill out the following arbitrage trading tables to illustrate the arbitrage strategy and corresponding payoffs. By default, please round the number solution to 2 decimal places, except for requiring otherwise.

Transaction (Now)	Payoff (Now t=0)	Payoff (t=4 month)	Payoff (t=8 month)
______ (please input buy or sell) one futures contract on 1 share of index	_________(fill in the blanks)	_________	_________
________ (please input buy or short) ________ share(s) (please input the number of shares to trade) of AT&T stock	_________	_________	_________
__________ (please input borrow or lend) loan for 4 months	_________	_________	_________
___________ (please input borrow or lend) loan for 8 months	_________	_________	_________
Net	Payoff: $_______	Payoff: $_______	Payoff: $_______