You consider purchasing bonds today. There are three future time periods, t = 1, 2, 3, where bonds can have payoffs. Consider the following 4 bonds:

a) One amortizing bond trading at a price of $104.95. The bond pays $40 in t = 1, $40 in t = 2, $40 in t = 3. b) One amortizing bond paying more in early periods and less in later periods, trading at a price of $80.61. The bond pays $40 in t = 1, $30 in t = 2, $20 in t = 3. c) One coupon bond maturing at t = 3, with a face value of $100, a 11% coupon rate, trading at a price of $96.08. The bond has payments $11 in t = 1, $11 in t = 2, $111 in t = 3. d) One zero coupon bond maturing at t = 3, with a face value of $100, which currently trades at a price of $77.22. The bond has payments $0 in t = 1, $0 in t = 2, $100 in t = 3.

Suppose you can take long or short positions in any bond. The four bonds are the only investments available to you. Is it possible to construct an arbitrage trade where you pay nothing upfront, and get a certain payoff in period 1? If so, describe how you would do this trade.