part C. Problems. To get full credit you must show all of your work. 17. (20 points) You observe the following rates for Argentina and the U.S. Show how to use the above rates to identify a covered interest arbitrage opportunity. Give a step by step demonstration of how you would take advantage of this arbitrage opportunity and the computation of your profits (assuming that you start by borrowing either $1,000,000 in the U.S. or its equivalent in Argentina). Ignore transactions costs. Round amounts to the nearest dollar or peso. part C. Problems. To get full credit you must show all of your work. 17. (20 points) You observe the following rates for Argentina and the U.S. Show how to use the above rates to identify a covered interest arbitrage opportunity. Give a step by step demonstration of how you would take advantage of this arbitrage opportunity and the computation of your profits (assuming that you start by borrowing either $1,000,000 in the U.S. or its equivalent in Argentina). Ignore transactions costs. Round amounts to the nearest dollar or peso