Use the following information to answer the question(s)below.
An exchange traded fund (ETF)is a security that represents a portfolio of individual stocks.Consider an ETF for which each share represents a portfolio of two shares of Apple Inc.(APPL),one share of Google (GOOG),and ten shares of Microsoft (MSFT).Suppose the current stock prices of each individual stock are as shown below: 
-If the ETF is currently trading for $1300,what arbitrage opportunity is available? What trades would you make?
Definitions:
Thematic Apperception Test
A projective psychological test that involves creating stories about ambiguous scenes, used to explore a person's emotions and personality.
Ambiguous Pictures
Images that can be interpreted in more than one way or have a vague or unclear meaning.
Hindsight Bias
Hindsight bias refers to the common tendency to believe, after an event has occurred, that one would have predicted or expected the outcome.
Interpretation of the Past
The process of understanding and explaining historical events, contributions, or phenomena.
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