Public Bank expects that the Malaysian Ringgit(MYR) will depreciate against the US Dollar from its spot rate of MYR4.29 to MYR4.32 in 90 days. The following interbank lending rates exist (per annum):

Currency	Lending rates
US Dollar	3.0%
Malaysian Ringgit (MYR)	2.5%

Public Bank considers borrowing MYR8 million in the interbank market and investing in the funds in the US Dollar for 90 days.

Required: Estimate the profit (or losses) that could be earned from this strategy. Should Public Bank pursue this strategy?

Note: please show all the steps