(f)Assume the following information regarding U.S. and European annualized interest rates:

Currency

Lending Rate

Borrowing Rate

U.S. Dollar ($)

5.73%

6.20%

Euro ()

5.80%

6.28%

Trensor Bank can borrow either $20 million or 20 million. The current spot rate of the euro is $1.13. Furthermore, Trensor Bank expects the spot rate of the euro to be $1.10 in 90 days. What is Trensor Bank's dollar profit from speculating if the spot rate of the euro is indeed $1.10 in 90 days?