a. Currently, the spot exchange rate is $1.50/ and the three-month forward exchange rate is $1.53/. The three-month interest rate is 8.0% per annum in the U.S. and 5.8% per annum in the U.K. Assume that you can borrow as much as $1,500,000. Illustrate all the steps that you would take to carry out the covered interest arbitrage to arrive at the arbitrage profit.