Mr. Jones, a trader in a hedge fund and observes that the Canadian dollar (CAD) is trading at 0.48 against the US$ in the sports market, and (the CAD) is trading at 0.50 US$ in the five days Forward market. Mr. Jones can borrow either CAD 10 million or US$ 5 million. The annual borrowing and lending interest rates in each currency have as follows: Currency US $ CAD Lending Rate 7.10% 6.80% Borrowing Rate 7.50% 7.25% Show how Mr. Jones can make a risk free trading strategy to explore any arbitrage opportunities that may arise from the above quotations and rates.