Assume the following information:

You have $500,000 to invest or the rupee equivalent:

Current spot rate of Indian Rupee (INR) = $0.01365

1-year forward rate of the Indian Rupee = $0.01596

1-year interest rate in the United States = 4.5%

1-year interest rate in India = 5.0%

If you conduct covered interest arbitrage, what is the dollar profit you will have realized after one year? Assume that you need to borrow. Round your answer.