You make markets in derivatives for an asset that is currently trading for 350 in the spot market in London. Today is September 11, 2023, and the term structure of U.K. money market interest rates is as follows. These rates are expressed in decimals.

Term	Ending date	Rate
0x3	2024-03-11	0.05487
0x12	2024-09-09	0.055
0x18	2025-03-06	0.05391
0x24	2025-09-10	0.05245
0x30	2026-03-11	0.05086

1. A) Determine the fair delivery price for a forward contract on this asset set to March 11, 2026. Make sure to spell out every step of the contracts manufacturing process, in the proper sequence.
2. (B) As it turns out, the asset will pay 17.5 in income on September 9, 2024, and on September 10, 2025. Spell out every step in the contracts manufacturing process and calculate its fair delivery price. Explain briefly the impact of the income on the contracts fair delivery price.
3. (C) Surprisingly, the asset is trading for 340 in the forward market for contracts expiring on the same date as the above contract, so it appears that the law-of-one price does not hold. Spell out the steps that are required to take advantage of this arbitrage opportunity, in the proper sequence, and calculate the profit that you will realize. The notional amount of the contract is equal to 100 units of the asset