Spotting arbitrages You can buy or sell the following default-free bonds. All bonds mature at Year 3. Their prices today and cash ows at the end of each year are the following: Bond Price CF Year 1 CF Year 2 CF Year 3 A 94 4 4 104 B 100 6 6 106 C 112 12 12 112 Show that these prices allow an arbitrage opportunity and describe the investment a strategy that will allow you to exploit it.