can u help me to explain where the number 523,000 in the solution coming from?

c) 165.0. e Thailand Bhat and the 291 An investor examines the following rate quotes for the Thaila Indian Rupee. 4.6% INR 1-year interest rate Spot rate INR/THB 2.1026 2.1287 3.5% THB 1-year interest rate Forward rate INR/THB If the investor shorts INR500,000 he will achieve a risk-free arbitrage (in INR) closest to: A) 856 B) 924 c) 1035 10,UUU =- 791. B is correct. In this question we are told that the investor shorts INR which means that he sells INR and gets THB: 500,000 / 2.1026 = THB 237,800.82. This money is invested at 3.5%: THB 237,800.82 * 1.035 = THB 246,123.85 Since the investor sold INR in the spot market he will buy INR in the forward market to take advantage of the arbitrage opportunity: 246,123.85 * 2.1287 = 523,923.84 Arbitrage profit = INR 523,923.84 - INR 523,000 = 924 (approx.)