ade at the following price Spot rate, Russian ruble per dollar 6 month forward rate for rubles 6-month Russian interest rate 6-month U.S. interest rate 20 RUB/S 22 RUB/S 18% 6% Is covered interest arbitrage worthwhile? If so, explain the steps and compute the profit. a) 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