Suppose that the underlying bond for a futures contract has a coupon rate of 5%, par value of £100, and the next coupon payment is to be made in six months. Suppose further that the cash market price for this bond is £90. What is the theoretical futures price for a contract that settles in three months if the borrowing rate is 5% per annum? Supposing that the futures price is £90, is there an arbitrage opportunity and, if so, what strategy will generate that arbitrage profit?