Suppose that interest rate is 9.0 percent per annum in the Canada and 7.0 percent per annum in France, and that the spot exchange rate is $1.50/ and the forward exchange rate, with one-year maturity, is $1.49/. Assume that an arbitrager can borrow up to $1,000,000 or 666,666. a) Determine if there is any arbitrage opportunity and the arbitrage profit that can be made if there is. (Show steps of your transactions) b) What would the French interest rate have to be so that there would be no arbitrage opportunity