EUR/USD 6-month Forward Quotes
	Bank		Bid		Ask
	Barclays Bank		1.1870		1.1875
	Royal Bank of Canada		1.1900		1.1905
6-month Interest Rates (annualized - simple interest)
Bank		Currency		Interest Rate
Bank of America		U.S. Dollar		0.50%
Deutsche Bank		Euro		1.50%

Is there a covered interest arbitrage opportunity? Start with the assumption that you will borrow 1,000,000 U.S. dollars and can convert them into Euros at the spot rate of EURUSD=1.1935. Demonstrate your answer mathematically.