Forward currency arbitrage

Hi, could anyone please explain the forward currency cash and carry to me (Derivatives EOC, Q12 ande Q15). I know who the arbitrage mechanism works but I don not get the steps behind the currency arbitrage in specific. CFAI only writes in the EOC solution “Take” as a first step - why should I discount the spot at the foreign rate? Does this mean short selling? The overall return is then based on this “Take value”. Why is that? It would be great if someone could look up the questions and could provide an explanation of the procedure. Regards, sehens