Suppose that the risk-free interest rate is 11% per annum with continuous compounding and that the dividend yield on a stock index is 2%. The index is standing at 400, and the futures price for a contract deliverable in 11 months is 405. What arbitrage profits (or losses) do we expect at maturity if we buy the index and short one futures contract? Hint 1: Assume continuous compounding Hint 2: If the arbitrage strategy results in a loss, please indicate a negative number in your