is there an arbitrage opportunity, if so explain and show, with cash flows at each step

I. It's August, a bond with semiannual coupons and matures in one year is selling for $80, the next coupon of $2 is due in October. The risk-free interest rate is 2% p.a. continuously compounded for all maturities. The 5-month forward contract on this bond with physical delivery is selling for $76.5. Are there arbitrage opportunities to be exploited? If so, lay out the opportunity in full with detailed explanations and exact cash flows at each step. (9 marks)