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What is the profit per $ 1 million on a one year USD borrower's covered interest arbitrage using the following FX and interest rates? One

What is the profit per $

1

million on a one year USD borrower's covered interest arbitrage using the following FX and interest rates?

One year US interest rate:

3 %

One year Japanese interest rate:

1 %

Spot FX rate:

108.97 /

1

year Forward FX rate:

106.32 /

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