Question 2 (20 marks) Suppose HSU stock price is currently $50 per share. The stock pays no dividends. The futures price for a HSU contract deliverable in 4 months is $48 per share. The contract size is 200 shares. The interest rate is 3% per annum with continuous compounding. Assume that there are no transaction costs. (a) Is there an arbitrage opportunity for a trader? Explain with calculations. (8 marks) (b) Explain the details of the arbitrage transaction now and in 4 months respectively. (12 marks)