Suppose that a 20-year 100-par-value bond with a coupon rate of 12 percent is selling at par, and that current date is coupon payment date and coupons are paid annually. Also suppose that this bond is the deliverable for a futures contract that settles in three months and its conversion factor is 0.98. The futures price is 92. Furthermore, assume that the current three-month interest rate at which funds can be loaned or borrowed is 8 percent per year, compounded quarterly. What is the profit from a reverse-cash-and-carry arbitrage strategy? Explain each step.