Consider a single-stock futures contract on Exxon-Mobil stock. Consider the following scenario:
Annualized, continuously compounded risk-free interest rate for 3-month period: r = 3.79%.
Annualized, continuously compounded risk-free interest rate for 5-month period: r = 5.31%.
Current spot price of Exxon Mobil stock: $158 per share.
Dividend per share of $0.69 in 3 months.
Contract expiration: T = 5 months.
Futures price on Exxon Mobil single-stock futures: $150 per share.
An arbitrage opportunity exists. What is the net profit per share when the futures contract expires? Use a strategy that has zero net cash flows today.