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Q.5 Arbitration (10pts) a) Define and explain what an arbitrage opportunity is b) Using the following data, estimate the forward price of a bond, on a continuous basis: - the risk-free rates for 4 and 9 months are: 3.65% and 4.65%; - this bond pays a coupon of $40 in 4 months; - the spot price is $904; - the maturity of the forward is 9 months; c) if FO>(SO1) e rT is there an arbitrage opportunity? Explain. Q.5 Arbitration (10pts) a) Define and explain what an arbitrage opportunity is b) Using the following data, estimate the forward price of a bond, on a continuous basis: - the risk-free rates for 4 and 9 months are: 3.65% and 4.65%; - this bond pays a coupon of $40 in 4 months; - the spot price is $904; - the maturity of the forward is 9 months; c) if FO>(SO1) e rT is there an arbitrage opportunity? Explain