On September 12, a stock index futures contract was $432.7. The December 400 call was at 26.25 and the put was at 3.25. The index was at 420.55. The futures and options expire on December 21. The discrete risk-free rate was 2.75%. Determine whether the futures and options are priced correctly in relation to each other. If they are not, construct a risk-free portfolio and show how it will earn a rate better than the risk-free rate.