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Suppose that the risk-free interest rate is 8% per annum (cont. comp) and that the dividend yield on a stock index is 2% per annum.

Suppose that the risk-free interest rate is 8% per annum (cont. comp) and that the dividend yield on a stock index is 2% per annum. The index is standing at 401.6 and the futures price for a contract deliverable in 5 months is 404.9. What is the arbitrage profit in 5 months?

(round to the nearest 0.01)

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