A foreign exchange trader based in the U.S., authorized to borrow $600,000 or its foreign currency equivalent, faces the following quotes: Spot rate $1.2015/pound Six month forward $1.2241/pound US interest rate 6.10% per annum UK interest rate 5.50% per annum Is covered interest arbitrage possible? a. yes b. no If your answer is yes, how much risk free profit could she earn? Show all steps.