Non-Arbitrage and Transaction Costs: (1) The current bid and ask prices of a share in the firm NoDividends (NDV) are $20 and $20.10 respectively. The 6-month T-Bill rate (lending rate) and the LIBOR rate (borrowing rate) are respectively 5% and 6% (both in continuously compounded terms). Assume that there are no other transactions costs. If the current bid and ask prices for a 6-month forward on NDV stock are $20.35 and $20.45 respectively, is there an arbitrage? If so, what is it? If not, explain why not. (2) How would your answer change if there are additional transactions costs associated with shorting NDV stock? (You do not necessarily need to do any further calculations just clearly state) (3) Re-do part (1) for the case of current bid and ask forward prices of $20.81 and $20.91 respectively (4) How would your answer to part (3) change if there are additional transactions costs associated with shorting NDV stock? (Again, no additional calculations are required