It is now April $30,$ XXXX$.$

The actual futures price quote of a June XXXX Treasury bond futures contract is $$98-30.$

The eligible deliverable bonds consist of bonds A$,$ B$,$ C$,$ D$,$ E$,$ F$,$ G$,$ H$,$ I, J$,$ K$,$ L$,$ M$,$ N$.$

A trader has estimated that, on April $30,$ XXXX$,$ bond A is the cheapest$-$to$-$deliver bond.

The trader has used a pricing model to determine that the appropriate futures price quote for the June XXXX Treasury bond futures contract is $$99-12.$

Which of the following is correct?

a$.$ The trader can conduct a riskless arbitrage by selling the futures contract and buying bond $A$

b$.$ The trader can conduct a riskless arbitrage by buying the futures contract and short$-$selling bond $A$

c$.$ It is not possible for the trader to conduct a riskless arbitrage in this situation