Assume the following information regarding U.S. and European annualized interest rates:

Currency	Investment Rate	Borrowing Rate
U.S. Dollar ($)	4.5%	5.5%
Euro ()	5.1%	6.3%

Bobby Jo Bank can borrow either $6 million or 5 million. The current spot rate of the euro is $1.08. Furthermore, Bobby Jo Bank expects the spot rate of the euro to be $1.29 in 60 days. What is Bobby Jo Bank's dollar profit from speculating if the spot rate of the euro is indeed $1.29 in 60 days?

Your answer should be whole US dollars. No decimals. (with calculations and steps please)