QUESTION 18

Suppose the spot ask exchange rate ($/), is $1.80=1.00 and the spot bid exchange rate, Sb($/), is $1.70= 1.00. If you were to buy $11927463 worth of British pounds and then sell them five minutes later, what is the dollar amount of your $11927463 would be "eaten or lost" by the bid-ask spread? (Input only numbers as your final answer, round your answer to the nearest whole number.)