2. It is end of trading on May 31 The spot USDTRY exchange rate is £15.00 and USDTRY futures with October 31 settlement are priced at £17.30. The continuously compounded risk-free rate is observed as 1.40% per year for lending and 1.60% for borrowing in the US and 18% for lending and 27% for borrowing in Turkey over a six-month maturity. Determine whether arbitrage is possible and if it is, illustrate how.