1. If the spot price for an asset is $95 and the quoted implied repo rate is 4.52% and the actual repo rate is 3.75%, how would an arbitrager go about making a risk-free profit?
   1. He would borrow at the risk-free rate to buy the forward position.
   2. He would lend at the risk free rate and short the asset.
   3. He would short the asset, buy the forward and lend in the repo market.
   4. He would buy the asset, sell the forward and borrow in the repo market.
   5. There is no opportunity for arbitrag