Sayang Selasih Berhad is given the following quotes:

Spot rate USD0.7250/NZD

Six-month forward rate USD0.7350/NZD

Interest rate United States 7 percent per annum

Interest rate New Zealand 6 percent per annum

Assume that Sayang Selasih Berhad can borrow as much as USD1 million or NZD5 million for its coming project. If Interest Rate Parity (IRP) is not holding, determine how would Sayang Selasih Berhad carry out covered interest arbitrage (CIA) opportunity and compute the profit.

*Choose either USD or NZD to do this question