You can borrow U.S. \$ at 4.75% A.P.R. and invest at 3% A.P.R with Bank of America for 1 year. You can borrow at 5.25% A.P.R. and invest at 2.5% A.P.R with Credit Suisse for 1 year. UBS is offering the following quotes: Sb($)=1.82 and Sa($)=1.85.F22b($/)=1.815 and F12a($/)=1.845. The forward bid-ask spread at which the Bank/Dealer is indifferent between investing in U.S. \$ or is 1.F12b($/)=1.8599;F12a($/)=1.88152.F12b($/)=1.7811;F12a($/)=1.88153.F12b($/)=1.8905;F12a($/)=1.78114.F12lb($/)=1.8113;F12a($/)=1.8412