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Assume interest rate on CAD is 2.82% per annum while interest rate on EUR is 7.74% per annum. Spot rate of CAD/EUR is $1.4798 and

Assume interest rate on CAD is 2.82% per annum while interest rate on EUR is 7.74% per annum. Spot rate of CAD/EUR is $1.4798 and the one-year forward rate of CAD/EUR is $1.4565. What arbitrage profit can be made on an investment amount of CAD 1 milion?

(Do not round your calculations until you reach the final answer. Enter your response rounded to two decimal places, and no separator for thousands.)

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