On March 15 the cash SP500 is priced 1000. The futures contract which matures 9 months later in December has a price of 1200. The risk-free interest rate over this 9-month period is 5% while the dividend yield is 3%.

If an arbitrage possible in this situation, how should it be implemented?

		the arbitrage is to long futures, long stock, borrow money
		the arbitrage is to short futures, long stock, borrow money
		there is no arbitrage
		the arbitrage is to long futures, short stock, lend money
		the arbitrage is to short futures, short stock, lend money