Assume that the continuously compounded zeros rates for T=1, 2, 3, 4 (years) are 4.5%, 5.2%, 5.7%, 6.3% respectively. A market maker offers, through forward rate agreements (FRAs), the following rates; 6.078% for the period between the 1st and the 2nd year, 6.900% for the period between 2nd and the 3rd year and finally 8.300% for the period between the 3rd and the 4th year. Evaluate if arbitrage opportunities exist. If such opportunities exist, design a strategy that can deliver the maximum profit on a principal of 100 million. Assume annual compounding for the FRAs interest rate quotes.