Arbitraging between currencies and interest rates

Use arbitrage to take advantage of interest rate and spot/forward rate differentials. E.g., using the following table, compute profits from arbitrage.

Currency	Annual (90-day) interest rates	e0	f90
	7 7/16 5/16	240.9696 9912/	224.5731 8692/
	2 3/8 1/4

1. Borrow 1,000,000 for 90 days (repayment = [1+ ((7 7/16)/4] = 1,018,594)
2. Convert 1,000,000 into yen at spot rate ([1,000,000 (240.9696)] = 240,969,600)
3. Invest yen for 90 days (proceeds = [240,969,600 (1 + ((2 1/4)/4)] = 242,325,054)
4. Sell proceeds from forward for pounds (242,325,054/ 224.8692 = 1,077,627)
5. Profit = 1,077,627 - 1,018,594 = 59,033

Please explain in detail how to calculate number 1 and number 3 from the solution above.