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38. Suppose a one-year US Treasure bill pays 1.54% and a one-vear Singapore Treasure bill pays 0.63%. Currently, the spot exchange rate is 1 US

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38. Suppose a one-year US Treasure bill pays 1.54% and a one-vear Singapore Treasure bill pays 0.63%. Currently, the spot exchange rate is 1 US dollar (USD) =1.3427 Singapore dollar (SGD) and the one-year forward exchange rate is 1 USD =1.3225 SGD. How much arbitrage profit can an investor earn on an investment value of 1 million USD? Answer: 6167.44 units

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