An investment banker in Spain notices that 1 year interest rates in Spain and Mexico are 12% and 8%, respectively. Current spot rates are as follows: 1.02/$, $.15/MP The one year forward rate is .18/MP and the expected spot rate one year from now is .14/MP.

Assuming that the banker has access to one million euros, find his covered interest arbitrage profit (in euros). Round intermediate steps to four decimals