Arbitrage just on 9-11- am not able to upload the entire excel but need help on how to complete an arbitrage? see spreadsheet of outright and synthetic forward rates. Synthetic rates were calculated using the covered interest rate parity formula that indicated an arbitrage on 9/11/2001. How exactly do you create the arbitrage here? Specifically, if you have a credit line of USD 1,000,000 (or equivalent EUR), then how much money could you have made from the arbitrage? How exactly could you have done it? Specifically, what do you buy or sell, at what price? What do you borrow or lend, at what interest rate?

eur1yd= (1-yr euro deposit rate)			eur= (1-yr $/euro spot rate)				eur1y= (1-yr $/euro forward rate)				usd1yd= (1-yr $ deposit rate)				FWD Bid	FWD Ask	Syn Bid	Syn Ask
DATE	BID	ASK	DATE	BID	ASK		DATE	BID	ASK		DATE	BID	ASK		=I3/10000+E3	=J3/10000+F3	=E3*(1+M3%)/(1+C3%)	=F3*(1+N3%)/(1+B3%)
9/10/01	3.9	4.02	9/10/01	0.8979	0.8983		9/10/01	-47	-44		9/10/01	3.34	3.46		0.8932	0.8939	0.892030244	0.894495842
9/11/01	3.74	3.87	9/11/01	0.914	0.9145		9/11/01	-51	-47		9/11/01	3.4	3.52		0.9089	0.9098	0.909864253	0.912560632
9/12/01	3.77	3.89	9/12/01	0.9068	0.907		9/12/01	-67	-60.5		9/12/01	3.06	3.18		0.9001	0.90095	0.899555376	0.901843115