3. Richard Cruso has obtained several forward contract quotations for the Thai baht to determine whether covered interest arbitrage may be possible. He was quoted a forward rate of $.0230 per Thai baht for a 90-day forward contract. The current spot rate is $.0232 per Thai Baht. Ninety-day interest rates available to Putnam in the United States are 6 percent, while 90-day interest rates in Thailand are 8 percent (these are annualized rates). Cruso is aware that covered interest arbitrage, requires an investment of funds. Thus, he would like to be able to estimate the dollar profit resulting from arbitrage over and above the dollar amount available on a 90-day U.S. deposit. Determine whether the forward rate is priced appropriately. If it is not priced appropriately, determine the profit you could generate for Putnam by withdrawing $100,000 from Putnam's checking account and engaging in covered interest arbitrage. Measure the profit as the excess amount above what you could generate by investing in the U.S. money market