Use the data table to answer questions 9, 10, and 11:

	EURUSD Spot Quotes
	Bank		Bid		Ask
	Citibank		1.1930		1.1935
	HSBC		1.1935		1.1940
	JP Morgan Chase		1.1925		1.1930
	EUR/USD 6-month Forward Quotes
	Bank		Bid		Ask
	Barclays Bank		1.1870		1.1875
	Royal Bank of Canada		1.1900		1.1905
6-month Interest Rates (annualized - simple interest)
Bank		Currency		Interest Rate
Bank of America		U.S. Dollar		0.50%
Deutsche Bank		Euro		1.50%

11) Is there a covered interest arbitrage opportunity? Start with the assumption that you will borrow 1,000,000 U.S. dollars and can convert them into Euros at the spot rate of EURUSD=1.1935. Demonstrate your answer mathematically.