Suppose the value of the S&P 500 stock index is currently 1,500. If the one-year T-bill rate is 2.5%, and the expected dividend yield on the S&P 500 is 1.5%, what should the one-year maturity futures price be? Given the above futures price, if the dividend yield on the S&P rises to 2.5%, is there an opportunity for arbitrage? Please including all the detailed steps. Thanks!