Use the table for the question(s) below.

a) Consider an ETF that is made up of one share each of IBM, MRK, and C. The current quote for this ETF is $265.19 (bid) $265.24 (ask). Is there an arbitrage opportunity?

b) Bid and ask prices of the ETF are updated. Now the quotes are 265.19 (bid) and 265.34 (ask). Is there an arbitrage opportunity?

Thanks in advance.

\begin{tabular}{ccc} \hline Security & Bid & Ask \\ \hline IBM & $128.92 & $128.97 \\ \hline MRK & $71.75 & $71.80 \\ \hlineC & $64.62 & $64.67 \\ \hline \end{tabular}