Assume the following information:

1-year deposit rate offered on U.S. dollars = 2.5%

1-year deposit rate offered on Singapore dollars = 4.0%

1-year forward rate of Singapore dollars = $0.78

Spot rate of Singapore dollar = $0.80

Given this information, does covered interest arbitrage worthwhile for a US investor? Assume the investor invests $1,000,000

(______)

Please do not round during intermediate steps and round your final answer to two decimal places.