You work as a treasury analyst in the Global Treasury at Exxon-Mobil. A colleague believes she has identified an arbitrage opportunity in the futures market for oil (Brent Crude) whose current spot price is $47 per barrel. The futures price for June delivery, i.e. expiring in 6 months, is $51. Annualized borrowing costs are 3.50%. In the space provided, outline each transaction in this trade and indicate if you will likely earn an arbitrage profit