In year 0, the current term-structure of spot rates are as follows (with continuous compounding): Maturity (years) Spot rate (% per annum) 1 2 3.0 4.0 A bank offers special bond A where investors can borrow (lend) $100 in year 1 and repay (receive) $100xe0.06 in year 2. Construct an arbitrage where we use bond A and zero-coupon bonds, and show the arbitrage strategy using a table listing asset positions and cash flows. In particular, present an arbitrage that results in zero net cash flow in both year 0 and year 1 and positive net cash flow in year 2. [Hint. Compare the implied forward rate ro(1,2) from the term structure to the interest rate on the bond A.]