JKL Corp. stock is trading at $320 per share spot. In 88 days it will go ex a dividend of $25.00. The risk-free interest rate is 9.75% per year compounded continuously. The extended cost-of-carry-model indicates the 146-day forward price should be F=$307.34 per share. A dealer quotes 146-day forward contracts on the stock at F=$320 bid and F=$330 ask.

If profitable arbitrage is possible, use an arbitrage table to show all the transactions and cash flows, and find the t=0 arbitrage profit per share. If profitable arbitrage is not possible, explain in detail how we know this.

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