Question 2 Mr. Ram Das has estimated probable returns under different macroeconomic conditions for the following three stocks : Rates of return (%) during different Current Price Stock macroeconomic scenarios Recession Moderate growth Boom 15 Him Ice Ltd -10 17 14 Kalahari Biotech 20 20 10 -6 70 Puma Softech 15 25 20 Mr. Ram Das is exploring if it is possible to make any arbitrage profits from the above information. Required: Using the above information construct an arbitrage portfolio and show the payoffs under different economic scenarios