On July s, a stock index futures contract was at 394.85. The index was at 392.54, the risk-free rate was 2.83% the dividend yield was 2.08%, and the contract expired in 75 days. a. Determine if an arbitrage opportunity was available, and explain what transactions were executed 1. Assume that you can borrow or lend at risk-free rate. Cash flow at Time 0 must be zero. What is the arbitrage profit? (2 points) The index was at 388.14 at expiration. Determine the profit from the arbitrage trade, that is, your cash flow on expiration day. Since stock index futures contract is cash settled, you must close out your position on expiration day. You must pay off (or collect) the principal and interest on your risk-free loan, and don't forget the dividend on the stock index. b