3 (Ch. 7) Covered Interest Arbitrage. Assume the following market quotes information with bid-ask spreads: St=25.75/26.00GBPMXN F190=27.00/27.30GBPMXN iGtip =1.00%/1.25% iMXN=4.75%/5.00% T=90 days: Where GBP means the British pound and MXN means the Mexican peso, and the interest rates are both 90-day annualized nominal interest rates with bids and asks. Given this information, is covered interest arbitrage possible? (5 points) Design a covered arbitrage strategy and calculate its profits. (12 points)