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Please show how to calculate in excel. The interest rate is 10% on the dollar and 2% on the yen. Also, the current spot rate

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Please show how to calculate in excel.

The interest rate is 10% on the dollar and 2% on the yen. Also, the current spot rate is $1==120 and the one-year forward rate is $1= 115. Is there an opportunity for covered interest arbitrage? If yes, what is the arbitrage profit in terms of a percentage? Select one: a. Yes. 4.2% b. Yes. 1.54% c. No. d. Yes. 3.42\%. The correct answer is: Yes. 3.42%

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