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If the stock index is at 148, the three-month futures price is 151, the dividend yield is 5 percent and the interest rate is 8
If the stock index is at 148, the three-month futures price is 151, the dividend yield is 5 percent and the interest rate is 8 percent, determine the profit from an index arbitrage if the stock ends up at 144 at expiration. (Ignore transaction costs.)
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