A foreign exchange trader has a credit line to borrow up to either 1,000,000 South African Rand or 250,000 Malaysian Ringgit (the equivalent value), for the purpose of a covered interest arbitrage (CIA) with a 4-month horizon. The rates available to the trader:

Spot exchange rate:	0.250 ringgit per one rand
4-month Forward rate:	0.248 ringgit per one rand
Malaysian ringgit annualized interest:	1.50% per year
South African rand annualzied interest:	3.00% per year

What would be the covered interest arbitrage profit using these rates?

		1,904.8 rand
		3,104.8 rand
		1,780.0 rand
		1,480.0 ringgit
		1,480.0 rand
		3,104.8 ringgit
		1,780.0 ringgit
		1,904.8 ringgit