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The spot exchange rate is $1.50/ and three-month forward exchange rate is $1.52/. The three- month interest rate is 8% per annum in the US and 5.8% per annum in the UK. Assume you can borrow as much as $1,500,000 or 1,000,000 Determine whether the interest rate parity is currently holding (2 marks) (6) If the IRP is not holding, how would you carry out covered interest arbitrage