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USD/AUD Spot Rate 0.95 USD/AUD 6 Month Forward Rate 0.98 USD Interest Rate 7% per annum AUD Interest Rate 3% per annum You currently have

USD/AUD Spot Rate	0.95
USD/AUD 6 Month Forward Rate	0.98
USD Interest Rate	7% per annum
AUD Interest Rate	3% per annum

You currently have $1,000,000 AUD (or the USD equivalent) and are looking to undertake a covered interest arbitrage. Detail the required steps (including numbers/amounts), as well as the profit generated from undertaking such an arbitrage.

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