Assume the following information: Spot rate of Mexican peso = $0.100/peso 180-day forward rate of Mexican peso = $0.098/peso 180-day Mexican interest rate = 6% per year 180-day U.S. interest rate = 5% per year Given this information, is covered interest arbitrage worthwhile for investors if $1,000,000 or peso equivalent can be borrowed? If yes, where should they invest and where should they borrow? What would be the arbitrage profit? Explain the intuition. You need to show your work so that full credits can be given. Only showing the final answer correctly will only earn you partial credits