Consider two securities that pay risk-free cash flows over the next two years and that have the current market prices shown here:

Security	Price Today ($)	Cash Flow in One Year ($)	Cash Flow in Two Year ($)
B1	180	200	0
B2	240	0	300

a. What is the no-arbitrage price of a security that pays cash flows of $800 in one year and $600 in two years?

b. What is the no-arbitrage price of a security that pays cash flows of $600 in one year and $900 in two years?

c. Suppose a security with cash flows of $100 in one year and $60 in two years is trading for a price of $140. What arbitrage opportunity is available?