Richard, a foreign exchange trader is seeking for arbitrage opportunities by using forward contract as part of his trading strategy. After conducting a thorough analysis, he has gathered the market information as follows:

Current Spot Rate (AUD/NZD) 0.9301 - 22

3-Month Expected Spot Rate (AUD/NZD) 0.9255 - 89

3-Month Forward Points (AUD/NZD) 70 - 60

NZD-Interest Rate (per annum) 5.00% - 5.30%

AUD-Interest Rate (per annum) 4.90% - 5.00%

Assuming that Richard is authorized with NZD1,000,000 to carry out a transaction, is there any arbitrage advantage he would receive in terms of NZD? If yes, show your answer with appropriate calculations. (20 marks)