Consider the following table Quarter Oil forward price Gas swap price Zero-coupon bond price 1 21 2.2500 0.9852 2 3 21.1 20.8 2.4236 2.3503 0.9701 0.9546 4 20.5 2.2404 0.9388 The gas swap prices are swap prices for the remaining period: thus, for example, in quarter-1 the price is for a 4-quarter swap, whereas in quarter-3 the price is for a 2-quarter swap covering quarters-3 and 4. 1. What is the fixed rate in a 4-quarter interest rate swap? 2. What are the gas forward prices for each quarter? 3. If the oil swap price for a 2-quarter swap for quarters 1 and 2 is 21.05, show that there is an arbitrage opportunity and describe how you would exploit it