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a) Is covered interest arbitrage worthwhile? If so, explain the steps and compute the profit. b) Suppose that there is no forward market for the

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a) Is covered interest arbitrage worthwhile? If so, explain the steps and compute the profit. b) Suppose that there is no forward market for the Russian ruble. Explain how an investor can engage in "uncovered" interest arbitrage and whether this is a true arbitrage or not

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