Suppose that: o Spot price of an asset = US$40 o Quoted 1-year futures price of the asset = US$39 o The 1-year US$ interest rate per annum = 5% o There is no income or storage costs for the asset As it is clear from the information provided, there is an arbitrage opportunity. Please describe this opportunity with care (actions today and actions in three months). How much can you make by exploiting such an opportunity? Now consider a different scenario, in which the quoted 1-year futures price of the asset equals US$43. Even in this case, there is an arbitrage opportunity. Please describe this new opportunity (actions today and actions in three months). How much can you make by exploiting this opportunity