Use the following forward bid-ask, and interest rates for of USD and AUD,

Spot rate in USD/AUD: 1.3090-98

180-day forward rate in USD/AUD: 1.3315-24

The annual interest rates for USD (lending or borrowing): 7%, 8%; for AUD: 2.5%, 3.5%

Assume a year has 360 days,

1. Use the arbitrage to justify whether:
   1. an investor can make profit by investing or borrowing 1 million USD
   2. an investor can make profit by investing or borrowing 1 million AUD

Please show the workings (please do not just copy from spreadsheet), thank you.