The CAC-40 Index (a widely followed index of French stock prices) is currently at 4,599, the expected dividend yield on the index is 1.7 percent per year, and the risk-free rate in France is 4.2 percent annually. If CAC-40 futures contracts that expire in five months are currently trading at 4,632. What program trading strategy would you recommend?

The futures are underpriced OR overpriced , and you would want to sell the index OR buy the index and buy the futures OR sell the futures.