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Calculate the dollar profit from the covered interest arbitrage strategy using the information below. Assume you can borrow $1,000,000. Do not round any intermediate calculations

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Calculate the dollar profit from the covered interest arbitrage strategy using the information below. Assume you can borrow $1,000,000. Do not round any intermediate calculations (keep at least two decimals). However, enter your final answer without decimals (i.e., 10 and not 9.8) 0.58 Current spot rate of New Zealand dollar (USD/NZD) One-year forward rate of the New Zealand dollar (USD/NZD) 0.69 Annual interest rate on New Zealand dollars (in %) 1.51 Annual interest rate on U.S. dollars (%) 0.81

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