please show working step by step. Thank you. and explain why interets rate parity is holds in one to two sentences.

ans: forward points= -2% p.a.

different in interest rate= 2% p.a.

IRP hold.

Question 3 Michelle, an investor from the United States of America and has $ 1 million to invest. He has obtained the following information: Spot rate of 1 = $1.60 180-day forward rate of 1 = $1.5840 180-day British interest rate = 8% p.a. 180-day U.S. interest rate = 6% p.a. Based on this information, does Interest Rate Parity holds? Explain