If the Implied Repo Rate Is Lower Than the Borrowing $R _ { b }$

Multiple Choice

If the implied repo rate is lower than the borrowing rate $R _ { b }$ and the lending rate $R _ {\ell }$ for the same maturity, what strategy would you adopt to undertake an arbitrage?

A) Buy the asset spot, sell it forward, lend at rate $R _ {\ell }$ .
B) Buy the asset spot, sell it forward, borrow at rate $R _ { b }$ .
C) Sell the asset spot, buy it forward, lend at rate $R _ {\ell }$ .
D) Sell the asset spot, buy it forward, borrow at rate $R _ { b }$ .