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Can an Investor make money using covered interest rate arbitrage given the following information: Pound Spot Rate of $1.60 Pound 180 day Forward Rate of

Can an Investor make money using covered interest rate arbitrage given the following information:
Pound Spot Rate of $1.60
Pound 180 day Forward Rate of $1.56
180 day British interest rate 4%
180 day U.S. interest rate 3%
PLEASE SHOW ALL WORK AND EXPLAIN SO I CAN UNDERSTAND! Thank you so much!!!

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