The current price of a stock is $30 and the stock is expected to pay a dividend of $0.5 in one months time and then $0.5 again in four months time. The risk-free rate of return is 6.00% p.a. (continuously compounded). If the price on a six month forward contract is F_0,0.5= $28, is there an arbitrage opportunity? If arbitrage is possible, design a strategy to take advantage of it. What is the arbitrage profit earned from this strategy?