Assuming there are no transaction costs or broker fees in the market and [20] on the...

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• Assuming there are no transaction costs or broker fees in the market and [20] on the 1st of January 2023 the Emirates stock is trading at $225 a share when: o There is a $20 annual dividend yield paid on 30th of June every year on the Emirates stock o The annual risk-free rate is 1.1% o A 3-month Forward Contract on the United Airlines stock is quoted at $200 Identify whether or not an arbitrage opportunity exists. If there is an arbitrage opportunity explain how you would you try to take advantage of this. • Assuming there are no transaction costs or broker fees in the market and [20] on the 1st of January 2023 the Emirates stock is trading at $225 a share when: o There is a $20 annual dividend yield paid on 30th of June every year on the Emirates stock o The annual risk-free rate is 1.1% o A 3-month Forward Contract on the United Airlines stock is quoted at $200 Identify whether or not an arbitrage opportunity exists. If there is an arbitrage opportunity explain how you would you try to take advantage of this.