Aswume that interest rate parity exists. The spot rate of the Argentine peso is $0.45. The one-year interest rate in the United States is 8 percent versus 12 percent in Argentina. Assume the futures price is equal to the forward rate. An investor purchased futures contracts on Argentine pesos, representing a total of 1 , 000, 000 pesos. Determine the total doilar amount of profit of loss from this futures contract based on the expectation that the Argentine peso wall be worth 50.48 in one year. Use a minus sign to enter a loss, it any. Do not round intermediate calculations. Round your answer to the fearest doliae