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QUESTION 33 The following information applies to the next question (which is from the previous three questions). Citi Bank believes the Singapore will appreciate over

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QUESTION 33 The following information applies to the next question (which is from the previous three questions). Citi Bank believes the Singapore will appreciate over the next six days from $.71 to $.77. The following annual interest rates apply: Currency Lending Rate Borrowing Rate U.S. Dollar ($) 5.0096 6.0096 Singapore dollar (55) 4.8596 5.5096 Citi Bank has the capacity to borrow either 5$20 million or $10 million. Assume 360 days in a year for simplicity and set your decimal to at least 6 places. If Citi Bank's forecast is correct, what will its dollar profit be from speculation over the six-day period (assuming it does not use any of its existing consumer deposits to capitalize on its expectations)

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