Hugglers is a trader from United States and he is planning to make profit on the differences of interest rate in Europe. He has US$300,000 to invest. Following are the information he collected from bank: Bid Ask Spot rate for the euro () $1.08 $1.10 180-day forward rate of the euro () $1.08 $1.10 The 180-day interest in United States are 6 percent, while in Europe are 8 percent. Calculate the profit earn by Hugglers by conduct covered interest arbitrage. (8 marks)