Copenhagen covered (A). Heidi Hoi Jensen, a foreign exchange trader at J.P. Morgan Chase can invest $4.95 million, or the foreign currency equivalent of the bank's short term funds, in a covered interest arbitrage with Denmark. Using the following quotes, can heidi make a covered interest arbitrage (CIA) profit? assume Arbitrage funds available $4,950,000. spot echange rate (kr/$) 6.1717, 3-months forward rate (kr/$) 6.1978, U.S. dollar annual interest rate 3.00%, Danish krone annual interest rate 4.950%.