All the answers are provided. Please show ALL THE WORK + STEPS to get to each answer.

Harry Norman, a foreign exchange trader at UBS's office in Tokyo has $4, 500,000 or its yen equivalent to invest. He faces the following exchange rates and interest rates. Show his steps to arbitrage and compute the profit. We check the two sides of the IRP. Left=1+i_$/2=1+3%/2=1 .015. and right=F($/yen)(1+i_y)/S($/yen)=0.9615. LHS>RHS means you can arbitrage by borrowing yens and invest in dollars. Profit= yen 525.399525- yen 497647800 = yen 27751725=$241256