Question $3$

Math Problem $($Show Calculations$)$:

You may borrow $$1,000,000$ worth of any currency that you are free to invest in any currency. You can trade, borrow, and lend at the following rates:

$S_0^{\frac{\text{\$}}{}\text{l}\text{o}\text{n}}=1\mathrm{.}20\frac{\text{\$}}{}$;$,F_1^{\frac{\text{\$}}{}\text{l}\text{o}\text{n}}=1\mathrm{.}25\frac{\text{\$}}{}$;$,i^{lon}=2\%$;$,$ and $,i^{\text{\$}}=3\%.$

Is covered interest arbitrage worthwhile? If so$,$ explain the steps and compute the profit.