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You observe that the price of a 2-year annuity that pays $100 every 6 months is $347.101. The price of a 6-month $100 par value

You observe that the price of a 2-year annuity that pays $100 every 6 months is $347.101. The price of a 6-month $100 par value zero-coupon bond is $90.216, and the price of a 1-year $100 par value zero-coupon bond is $87.662. Furthermore, the price of a 1.5-year $100 par value zero-coupon bond is $84.202, and the price of a 2-year $100 par value zero-coupon bond is $75.867.

All bonds are issued by the same company, so have the same risk.

Calculate the arbitrage profit that you can detect based on these securities? Round your answer to 2 decimal places. For example, if your answer is 25.689, please write down 25.69.

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