A foreign exchange trader can invest US$3.2 million, or the foreign currency equivalent in a covered interest arbitrage. Using the following quotes, should the trader make a covered interest arbitrage and if so, how much profit would the trade generate? Round to the nearest dollar. Arbitrage Funds available Spot exchange rate (/US$) 90-day forward rate (/US$) 90-day US dollar interest rate 90-day British interest rate $3,200,000 1.2477 1.2450 2.5% 1.5%