please solve step by step

Instructions: Please show all your calculations in an orderly fashion. There is no credit for just the wens. Please work alone as collaborating with others constituies cheating You observe the following exchange rate quotes $ 1.1410/EUR $ 1.42357 GBP EUR 1.2812 / GBP If you start with $ 1 million, what arbitrage profit in dollars can you make triangular arbitrage? 2. Given the following information, find the profits you can make using covered interest arbitrage. Assume you can bomow either EUR 100,000 or JPY 14,619.883.04 EUR interest rate = 3.5$ per year JPY interest rate=0.4530% per year S (EUR/JPY) = EUR 0.00684 per JPY F(EUR/JPY) EUR 0.0074 per JPY for 1 year maturity forward contract a. Which currency would you borrow to conduct covered interest arbitrage? b. Assume you want your profits in curo, what covered-interest arbitrage profits do you expect in 1 year? Show all the steps involved in the covered interest arbitrage process c. What would be the profits if you realize them in JPY? Show your calculations