Question: Upper Bound ( S + bid - ask spread / 2 + round - trip ) * ( 1 + rborrowing ) - D +

Upper Bound (S + bid-ask spread /2+ round-trip)*(1+ rborrowing)- D + short-selling 5016.286 Lower Bound (S - bid-ask spread /2- round-trip)*(1+ rlending)- D4978.516 Width of No-Arbitrage Window 37.8

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