B25: On 1st January, a company's stock was trading at $120. Each forward contract on the company's stock is for 100 stocks. Quoted forward prices on each contract was $12,049.45 for June 30ih delivery; and $12,050.20 for November 30th delivery. It is expected the company will pay a dividend of $2 on the 31st March and another $2.25 on the 30th September. The table below shows the risk-free rates over the year. 1-mth 2-mth 3-mth 4-mth 5-mth 6-mth 7-mth 8-mth 9-mth 10-mth 11-mth 12-mth 3.95% 4.00% 4.00% 4.05% 4.10% 4.15% 4.15% 4.20% 4.20% 4.25% 4.25% 4.25% Are there any arbitrage profit opportunities available from the 2 forward contracts? If so, demonstrate clearly all the steps that must be taken to make arbitrage profit. (Show the payoffs of each step and the exact amount of arbitrage profit made from each forward contract) [14m] (leave your answers to 2 decimal places)