1. Assume the following information regarding U.S. and European annualized interest rates: Currency Lending Rate Borrowing Rate U.S. Dollar ($) 6.75% 7.25% Euro () 7.00% 7.25% Trensor Bank can borrow either $20 million or 20 million. The current spot rate of the euro is $1.15. Furthermore, Trensor Bank expects the spot rate of the euro to be $1.10 in 90 days. What is Trensor Bank's dollar profit from speculating if the spot rate of the euro is indeed $1.10 in 90 days?