Suppose you observe that 90 -day interest rate across the eurozone is 5%, while the interest rate in the U.S. over the same time period is 3%. Further, the spot rate and the 90-day forward rate on the euro are both $1.25. You have $600,000 that you wish to use in order to engage in covered interest arbitrage. After 90-days in the bank, your 480,000 euros will have grown to euros (including interest). TOTAL SCORE: 2/5 (to complete this step and unlock the next