For the following bonds: (a) Is there an arbitrage opportunity? (b) Explain how you would execute this arbitrage

The no-arbitrage price of a 5-Year bond with coupon of 5% is $99.37

Suppose this bond is currently selling for $102 in the market.

	Annual Coupon	Maturity in Years	Price
Bond 1	8%	1	102.8
Bond 2	9%	2	107.25
Bond 3	11%	3	116.4
Bond 4	6%	4	104.41
Bond 5	7%	5	108.03
Bond 6	8%	6	113.95
Bond 7	10%	7	127.02

(All coupons are annual payment)