Currently, the spot exchange rate is $1.50/ and the one year forward exchange rate is $1.52). The one-year interest rate is 8.0% per annum in the U.S. and 3% per annum in the UK Assume that you can borrow as much as $1,500,000 or 1,000,000 Answer these 2 questions below (label with A, B) a. Determine whether the interest rate parity is currently holding (Yes/No). b. If the IRP is not holding, how would you carry out covered interest arbitrage? Show all the steps and determine the arbitrage profit