Peder Mueller$-$UIA $($B$).$ Peder Mueller is a foreign exchange trader for a bank in New York. Using the values and assumptions here, $,$ he decides to seek the full $4\mathrm{.}804\%$ return available in U$.$S$.$ dollars by not covering his forward dollar receipts$-$an uncovered interest arbitrage $($UIA$)$ transaction. Assess this decision.

The uncovered interest arbitrage $($UIA$)$ profit amount is $$.($Round to the nearest cent.$)$

Data table

$($Click on the following icon in order to copy its contents into a spreadsheet.$)$

$\backslash$table$[[$Arbitrage funds available,USD$1,100,000],[$Spot exchange rate $($CHF $=$ USD$1\mathrm{.}00),1\mathrm{.}2812],[3-$month forward rate $($CHF $=$ USD$1\mathrm{.}00),1\mathrm{.}2741],[$Expected spot rate in $3$ months $($CHF $=$ USD$1\mathrm{.}00),1\mathrm{.}2696],[$U$.$S$.$ dollar $3-$month interest rate,$4\mathrm{.}804\%$