In the interest rate market, you are given annual interest rates of 6 percent in the United States and 4 percent in Japan. The interest rates are continuously compounded. An FI can borrow (by issuing CDs) or lend (by purchasing CDs) at these rates. In the foreign currency market, at time t=0 (Now), the spot rate is USD 0.0080 per one JPY. And the one-year forward exchange rate is USD 0.0083 per one JPY.

Assuming that at time t=0 (now), an arbitrager can borrow or lend exactly USD 1,000,000 in the US Interest rate (bond) market. Construct an arbitrage strategy whereby the arbitrager will have zero net cash flow at time t=0 (Now), but will have some positive net cash flow in USD at time one-year from now (t=12 months). What is the maximum amount of that positive net cash flow in USD at time t=12 months (one year from now)? The abbreviation USD is for US Dollar, and JPY is for Japanese Yen.

(Give your answer in USD. DO NOT GIVE YOUR ANSWER IN JPY. You are calculating net cash flow at t=12 months (one-year))

(Hint: Your final answer is a five-digit number. That means, your final answer can be any number between $10,000.0000 and $99,999.9994)

(Round-off to at least 4 decimal places. If your answer is $12345.67894, then type 12345.6789 as your answer.)