In early 2012, the spot exchange rate between the Swiss France and US dollar was 1.0404 ($per franc). Interest rates in the United States and Switzerland were 0.25% and 0% per annum, respectively, with continuous compounding. The 3-month forward exchange rate was 1.0300 ($per franc). What arbitrage strategy was possible? How does your answer change if the exchange rate is 1.0500 ($ per franc).