Diamond Bank expects that the Singapore dollar will depreciate against the U.S. dollar from its spot rate of $0.38 to $0.37 in 65 days. The following interbank lending and borrowing rates exist:

Currency	Lending Rate	Borrowing Rate
U.S. dollar	7.0%	7.4%
Singapore dollar	20.5%	27.0%

Diamond Bank considers borrowing 12 million Singapore dollars in the interbank market and investing the funds in U.S. dollars for 65 days. Estimate the profits (or losses) that could be earned from this strategy. Should Diamond Bank pursue this strategy? Assume 360 days in year for your calculations. Do not round intermediate calculations. Round your answer to the nearest Singapore dollar. Enter your answer as a positive value.

This strategy results in a loss of $_________ .