Suppose the CAC$-40$ Index $($a widely followed index of French stock prices$)$ is currently at $5,527,$ the expected dividend yield on the index is $1\mathrm{.}2$ percent per year, and the risk$-$free rate in France is $5$ percent annually. If CAC$-40$ futures contracts that expire in four months are currently trading at $5,576,$ what program trading strategy would you recommend?

The futures are $,$ and you would want to and