Kurnick Co. expects that the pound will appreciate from $1.49 to $1.7 per pound in one. It has no money to invest, but it could borrow money to invest. It has been approved by a bank to borrow either 3 million dollars or 3 million pounds for one year. It can borrow dollars at annual rate of 5.99% or British pounds at 5.56%. It can invest in a risk-free dollar deposit at annual rate of 3.54% or a risk-free British deposit at 2.95%. Determine the expected profit (in dollars) if Kurnick Co. pursues a strategy to capitalize on the expected appreciation of the pound (round up to a dollar)? Please DONOT compute in the intermediate steps.