You see an attractively priced futures contract on an equity index. Your calculations suggest that the futures price should be $135, but the observed price is $130. You decide to design an arbitrage strategy to take advantage of the apparent mispricing. What positions should you take to make arbitrage profits on a zero net investment today?

a.	Buy the futures contract; short the underlying index; invest the proceeds from selling the index at the risk-free rate.
	b.	Sell the futures contract; buy the underlying equity index; borrow at the risk-free rate.
	c.	Buy the underlying equity index and borrow the needed funds at the risk-free rate. This is a zero net investment strategy, and the spot price should go up, so you will make money.
	d.	Buy the futures contract only. Since no cash exchanges hands at the time of entering a futures contract, this will be a zero net investment strategy, and you have no risk because the futures price will go up and you will make money.