You have been given the following information about a European put futures option contract. The option has a life of 11 months and the futures contract underlying the option has a life of 12 months. The option has an exercise price of $29, and the current futures price is $18. The riskfree rate of interest is 1.1% continuously compounded. If the put futures option is currently selling for $0.50, identify an arbitrage opportunity, and detail in words how you would make an arbitrage profit. Be sure to draw a table detailing your strategy, indicating the initial and final cash flows of your strategy. Your strategy must realise most of the gains as soon as you execute your arbitrage trades.