In early 2012, the spot exchange rate between the Swiss Franc and U.S. dollar was 1.0404 ($

Question:

In early 2012, the spot between the Swiss Franc and U.S. dollar was 1.0404 ($ per franc). Interest rates in the U.S. and Switzerland were 0.25% and 0% per annum, respectively, with continuous compounding. The three-month forward was1.0300 ($ per franc). What arbitrage strategy was possible? How does your answer change if the is 1.0500 ($ per franc).
Exchange Rate
The value of one currency for the purpose of conversion to another. Exchange Rate means on any day, for purposes of determining the Dollar Equivalent of any currency other than Dollars, the rate at which such currency may be exchanged into Dollars...