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( Covered Interest Rate Parity) You are facing the following exchange rates and interest rates. Spot rate (/$) 139.18 180-day forward rate (/$) 100.6 180-day

( Covered Interest Rate Parity) You are facing the following exchange rates and interest rates.

Spot rate (/$) 139.18

180-day forward rate (/$) 100.6

180-day U.S. dollar interest rate 3%

180-day Japanese yen interest rate 2%

If you can borrow $1,000,000 or the equivalent amount of yen, and you can profit from the covered interest arbitrage, how much $ is your profit? (Please keep two decimal numbers.)

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