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 Years ($)
B1	94	100	0
B2	85	0	100

1. What is the no-arbitrage price of a security that pays cash flows of $100 in one year and $100 in two years?
2. What is the no-arbitrage price of a security that pays cash flows of $100 in one year and $500 in two years?
3. Suppose a security with cash flows of $50 in one year and $100 in two years is trading for a price of $130. What arbitrage opportunity is available?