You are provided with the following details Calculate the amount of possible covered interest arbitrage profit that can be made on an investment of $1m USD or EUR equivalent (6 Marks) Spot Exchange Rate (EUR USD) 0 789 EUR USD 3 Months Fwd Rate 0 781 Interest Rate in the United States (Per Annum) 5 Interest Rate in Germany (Per Annum) 3 Please show all steps and calculations in the process

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You are provided with the following details. Calculate the amount of possible covered interest arbitrage profit that can be made on an investment of $1m

You are provided with the following details. Calculate the amount of possible covered interest arbitrage profit that can be made on an investment of $1m USD or EUR equivalent. (6 Marks)

Spot Exchange Rate (EUR/USD)	0.789
EUR/USD 3 Months Fwd Rate	0.781
Interest Rate in the United States (Per Annum)	5%
Interest Rate in Germany (Per Annum)	3%

Please show all steps and calculations in the process.

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