$[12$ points$]$ A deferred start swap contract is a swap whose payments start at a later

time. E$.$g$.$ a $2-$year swap with a $1-$year deferred start involves annual payments at the

end of years $2$ and $3.$ If we denote by $R_{2-3}$ the price of such a swap and by $S_t,t=1,2,$dots

the value of the underlying asset, then the $($long$-$asset$)$ payments are:

Let the deferred start swap price be $R_{2-3}=65,$ the usual $3-$year swap price be $R_{1-3}=64,$

the $1-$year forward price be $F_{0,1}=63,$ and the $1-$ to $3-$year zero$-$coupon$-$bond prices

be $P(0,1)=\mathrm{.}9901,P(0,2)=\mathrm{.}9612,P(0,3)=\mathrm{.}9286.$ Assuming no transaction costs,

create an arbitrage strategy and calculate its cashflows.

please create a table to solve it with t$=0,$ t$=1,$ t$=2,$ t$=3.$ do not post your answer if you are not sure, o$/$w will downvote