Let the price of a 1-year zero coupon bond (ZCB) be $98.856 (per $100 face value), that of a 2- year ZCB be $95.324, and assume there are investors willing to enter (either as borrowers or lenders) into a 1-year forward rate agreement (FRA) from year 1 to 2 with a fixed rate of 4%. Assume there are no market frictions, discrete compounding, and the FRA is settled in arrears, construct an arbitrage strategy and calculate its gain (assume face value as notional amount)