This is mathematical finance. The book used is An Introduction to Mathematical Finance with Applications by Arlie O. Petters and Xiaoying Dong.

(Forward Price and Arbitrage) Suppose that the current spot price of a continually paying dividend asset is $222, the interest rate is r = 3% and the dividend yield is q = 2%. Let be a portfolio on time interval [0,T] consisting of three positions starting from time 0: borrow $222 at the rate 3%, long 1 unit of the asset, and short the three-month forward at FT(0) = $222.56. Is an arbitrage portfolio? If your answer is no, show a proof. If your answer is yes, explain how you can make a profit by taking the arbitrage opportunity.

Thank you!