The Turkish Lira spot exchange rate is currently at $0\mathrm{.}27$$$/$Lira$.$

The $1$ year forward exchange rate on Lira is $0\mathrm{.}2445$$$/$Lira$.$

The $1$ year interest rate in Turkey is $11\mathrm{.}5\%$

The $1$ year interest rate in the U$.$S$.$ is $1\mathrm{.}5\%.$

$1.$According to the Interest Rate Parity condition, what is the $1$ year forward exchange rate? Is there an arbitrage opportunity? Why?

$2.$If yes, what are the arbitrage profits per $1$ million Turkish Lira? Show the arbitrage strategy and calculation steps.

$3.$What is the expected spot rate in $1$ year? Explain which two international parity conditions you could use to reach this result.