On November 8, the S&P 500 index is at 1,305, the continuously compounded dividend yield is 3 percent, and the continuously compounded risk-free rate is 5.2 percent. The December futures contract, which expires in 40 days, is priced at 1,316.30. What is the fair value of the futures contract here? What arbitrage trade is possible given this prevailing pricing and what is the net profit if transaction costs are 0.5% of dollars invested and we invest $20mm?