$F(US\frac{D}{C}AD)=0\mathrm{.}7132.$ The annualized, $6-$month, nominal interest rate is $4\mathrm{.}8\%$ in the U$.$S$.$ and $10\%$ in Canada. Discuss whether covered interest arbitrage is possible. If it is possible, describe the steps you would take to conduct it and calculate the arbitrage profit if you can borrow $721,600$ USD or $1,000,000$CAD.