(5) Explain the role that arbitrageurs play in keeping the price for the underlying security in the "spot market and the price in the futures market closely aligned. To show it you may want to assume that the two prices are not the same and show that there are profit opportunities to be exploited (so-called arbitrage opportunities). (6) Explain how a call option works. What are the rights and obligations of each party to a call option contract? Are the rights and obligations symmetric? Provide an example of a call option being used to insure against the risk of price changes in the underlying security