Consider the futures contract written on the S&P 500 Index and maturing in 6 months. The interest rate is 3% per 6-month period, and the future value dividends expected to be paid over the next 6 months is $15. The current index level is 1,425. Assume that you can short sell the S&P index. Suppose the future price is 1,422. Is there an arbitrage opportunity here ? If so, how would you exploit it ?