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The annualized 6-month spot rate is 4% and the annualized 12-month spot rate is 6%. The annualized forward rate from the end of 6th month

The annualized 6-month spot rate is 4% and the annualized 12-month spot rate is 6%. The annualized forward rate from the end of 6th month to the end of 12th month is 10%. Develop an arbitrage strategy using the spot rates and the forward rate. *** Show All Work ***

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