Assume the following market quotes information with bid-ask spreads:

St = 25.75 / 26.00 GBPMXN

Ft,90 = 27.00 / 27.30 GBPMXN

iGBP = 1.00% / 1.25%

= 4.75% / 5.00%

T = 90 days

Where GBP means the British pound and MXN means the Mexican peso, and the interest rates are both 90-day annualized nominal interest rates with bids and asks. Given this information, is covered interest arbitrage possible?

Design a covered arbitrage strategy and calculate its profits.