Suppose the spot USD/INR is 46.75 and 1 year US interest rate is 5% while it is 11% in India. A bank is quoting 1 year forward rate as 43.35. The spot rate at maturity (360 days) USD/INR is 45. As a trader on the foreign exchange market you wish to speculate and take advantage of an arbitrage opportunity. Using covered interest rate parity does an arbitrage opportunity exist? Calculate the profit. Using uncovered interest rate parity does an arbitrage opportunity exist? Calculate the profit.