An arbitrager considering covered interest arbitrage observes the following quotes:

Spot rate $$1\mathrm{.}60/$

$1-$year forward rate $$1\mathrm{.}58/$

Interest rate in Spain $8\mathrm{.}4\%$

Interest rate in United States $1\mathrm{.}5\%$

He can borrow up to $$1,000,000$ or $625,000.$

Calculate the arbitrage profit in dollars that is possible given the rates above. Show your work.