4.12 Quotes for the U.S. dollar and Thai baht (Bt) are as follows: Spot contract midpoint S0 Bt$ = Bt24.96$ 1-year forward contract midpoint F1 Bt$ = Bt25.64$ 1-year Eurodollar interest rate i$ = 6.125% per year a. Your newspaper does not quote 1-year Eurocurrency interest rates on Thai baht. Make your own estimate of iBt. b. Suppose that you can trade at S0 Bt$, F1 Bt$, and i$ and that you also can either borrow or lend at a Thai Eurocurrency interest rate of iBt = 10 percent per year. Based on a $1 million initial amount, how much profit can you generate through covered interest arbitrage?