The three-month interest rates in the United States and Australia are 6.6% and 4.9% per annum, respectively, with continuous compounding. The spot price of the Australian Dollar is $0.7000. The futures price for a contract deliverable in three months is $0.6900.

a) What is the no-arbitrage futures price? Please round your answer to 4 decimal places.

b) What arbitrage opportunities does this create?