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Problem 3 (Interest Rate Parity and Covered Interest Arbitrage): Quotes for the dollar and euro are as follows: Spot contract midpoint So/$ = 0.8890/$ One-year forward contract midpoint F, /$ = 0.8960/$ = 3% per year One-year Eurodollar interest rate $ (a) Your newspaper does not quote one-year Eurocurrency interest rates on EU euros. Make your estimate of i (b) Suppose that you can trade at the prices for s/$,F/$, and i$ just given and that you can also either borrow or lend at a Thai Eurocurrency interest rate of i = 4% per year. Based on a $1 million initial amount, how much profit can you generate through covered interest arbitrage? (c) Explain what market forces would occur to eliminate any further possibilities of covered interest arbitrage