Exercise 8.6 The current price cf a security is s. Ccnsider an invest- ment whc se cast is s and vvhcse pavc' at time 1 is, for a Specied chcice ef satisfyng a: ,6 n: s' 1, givenhjvr (1+ 131\" if 5(1) 5 (1+ 131%", \"mm = i (1+ as + awn) (1+ as) if 3(1) 3 (1+ it Determine the value cf u: if this investment (whose payoff is hnth un- capped and always greater than the initial cest cf the investment} is net to give rise to an arbitrage