Suppose that the treasurer of 18M has an extra cash reserve of $100,000,000 to invest for six months. The interest rate is 8 percent per annum in the United States and 7 percent per annum in Germany. Currently, the spot exchange rate is 61.21 per dollar and the six-month forward exchange rate is 1.19 per dollar. The treasurer of 1BM does not wish to bear arry exchange risk. Determine if he or she has covered interest arbitrage opportunities. If so, how could he or she carry out covered interest arbitrage? Show all the steps and your calculations and determine the profit