You consider purchasing bonds today. There are three future time periods, t = 1, 2, 3, where bonds can have payoffs. Consider the following 4 bonds:

a) One amortizing bond paying $40 each period trading at a price of $104.95. b) One amortizing bond paying less in early periods and more in later periods. The bond pays $40 in period 1, $30 in period 2, and $20 in period 3. This bond is trading at a price of $80.61. c) One coupon bond with a 11% coupon rate trading at a price of $96.08. d) One zero coupon, which currently trades at a price of $77.22.

Suppose you can take long or short positions in any bond, and also lend or borrow money. Is it possible to construct an arbitrage trade where you pay nothing upfront, and get a certain payoff in period 1? If so, describe how you would do this trade.