Covered Interest arbitrage

Assuming you can borrow $5,000,000 or the euro equivalent there is (at least) one profitable arbitrage given the prices below. What is it?

Bid Ask APR

So ($/E) $1.42 = E1.00 $1.45 = E1.00 i$ 4%

F360 ($/E) $1.48 = E1.00 $1.50 = E100 iE 3%