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

Spot rate in AUD/USD: 1.2010-16

180-day forward rate in AUD/USD: 1.2231-39

The annual interest rates for AUD (lending or borrowing): 4%, 5%; for USD: 2%, 3%

Assume a year has 360 days,

1. Use the spreads in the forward rates, spot rates, and interest rates to justify if:
   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
   3. Which one should be the major reason for an investor can't earn a profit?
      1. Choose one: liquidity is too low, fees are too high, cost of transaction is too high, currencies are fairly priced

Please show the working, thank you.