If you can borrow $$1,000,000,$ determine if there is an arbitrage opportunity. If any arbitrage opportunity exists, what is the final net CF to you assuming you conduct a covered interest parity strategy to exploit any arbitrage opportunity? You have to following information:

Spot exchange rate $=$$$\frac{2\mathrm{.}0000}{}$

lusD: $5\%$ per annum U$.$S$.$

$I_{\text{E}\text{U}\text{R}\text{:}}$:$2\%$ per annum in Euro zone

$F_{1-yr}$:$$\frac{2\mathrm{.}0588}{}$