3. Interest rate parity for asset managers and hedge fund arbitrageurs. You have been given the following information: S(0) F(90) 3% 6% 2.0000 1.9815 where: iAal interest rate on three-month U.S. dollar commercial i-Annual interest on three-month British-pound commercial paper St0) Spot dollar price of one pound sterling F(90) Forward dollar price of one pound sterling for delivery in 90 days Taking the perspective from a U.S.-based asset manager or hedge fund arbitrageur . In which commercial paper would you invest? b. In which currency would you borrow? c. How would you arbitrage? d. What is the profit from interest arbitrage per dollar borrowed