On November 1, 2022, Tree Investment Corp. notices that the 90-day interest rate in China is 2.25%, while the 90-day interest rate in the U.S. is only 0.10%. The current spot rate of the CNY/USD is $0.2113, and the 90-day forward rate is $0.2113, as well.

Assume that Tree Investment Corp. has $50,000,000 and wants to profit through using covered interest arbitrage for 90 days.

a) How many Chinese Yuan will the U.S. dollars be converted into on 11/1/22?

b) When Tree sells a 90-day forward contract to exchange Yuan for Dollars, how much Yuan will the contract be signed for?

c) How much is Tree Investment Corp.s profit or loss in 90 days?