MSN Bank expects that the New Zealand dollar (NZD) will appreciate against the U.S. dollar (USD) from its spot rate of $.4565 to $.4785 in 90 days, but they do not want to bear exchange rate risk. The following interbank lending and borrowing rates exist: Annual borrowing rate Annual lending rate USD: 6.80% 6.50% NZD: 8.30% 8.20% MSN Bank considers borrowing 5 million (i.e., $5,000,000) U.S. dollars in the interbank market and investing the funds in NZD for 90 days. The 90-day forward rate is $.4500/NZ$. Estimate the profits (or losses) that could be earned if MSN implements Covered Interest Arbitrage. Should MSN Bank pursue this strategy? Show necessary calculations and discuss (50 words excluding calculations). Also, Calculate the no-arbitrage 90-day forward rate.