Kemalettin Tugcu, a foreign exchange trader at Bank of America, can invest $12million, or the foreign currency equivalent of the bank's short-term funds, in a covered interest arbitrage with Turkey. Using the following quotes can Kemalettinmake covered interest arbitrage (CIA) profit? If yes, how much is the profit?

put 2 instead of every x value

x=2

Assumptions Value Arbitrage funds available $1x000000 Spot exchange rate (TL/$) 8.17x0 6-month forward rate (TL/$) 8.6x10 US dollar interest rate 2.000% Turkish lira interest rate 15.000%