$13.$ Suppose the interest rate $($on an annual basis$)$ on three$-$month Treasury bills is ten percent in London and six percent in New York, and the spot rate of the pound is $$2.$

a$.$ How can a U$.$S$.$ investor profit from uncovered interest arbitrage?

b$.$ If the price of the three$-$month forward pound is $$1\mathrm{.}99,$ will a U$.$S$.$ investor benefit from covered interest arbitrage? If so$,$ by how much?