Suppose:

Spot rate St = $1.5080 - $1.5095 /

Six month Forward rate Ft,t+6 = $1.5280 1.5292/

Interest rate in US = 4.6% 4.8%

Interest rate in UK = 3.0% 3.3%

With bid-ask rates and borrowing-lending rates, is arbitrage profit possible if you start with $1 million in part (a) and 1 million in part (b)?

Do it both ways : (a) borrow $ 1 million in US and invest overseas and (b) borrow 1 million in UK and invest in US.