Using the carrying-cost model, determine the equilibrium price of a forward contract on a 90-day zero coupon bond ( \(\mathrm{ZCB}\) ) with a face value of \(\$ 1\) million and expiring in 180 days. Assume the price on a similar 270-day spot ZCB is \(\$ 954,484\) and the risk-free rate on 90-day investments is 6\% (annual). Describe the cash-and-carry arbitrage that arbitrageurs could implement if the contract price is at \(\$ 985,000\) and at \(\$ 980,000\).