Question 3:The following quotes are available for the Brazilian Real vs. US dollar:

Spot exchange rate: R$ 4.0811/$

Six month forward rate: R$ 3.8000 /$

Six month US interest rate: 2% per year

Six month Brazilian interest rate: 5 % per year

Show how (and how much)can John Doe with $ 1 million availablecan profitfrom these quotes in 6 months.