Speculator is willing to create an arbitrage strategy on the derivative market. The spot price of coupon paying bond is USD 100 000 The bond has a remaining life of 7.5M, nominal value of USD 120 000 and interest of 10% pa. under quarterly compounding, Coupons are paid each quarter (ind the next coupon that will be paid in 1.5M period, incl. the last coupon that will be paid just before the contract is exercised). The spot risk-free market rates pa, under continuous compounding for 1.5M, 4.5M and 7.5M maturity are 2%, 4% and 6% respectively. What would be expected profit from speculator's arbitrage strategy if speculator could write / enter a 75M forward contract for a single bond with a delivery price of USD 105 000 per bond? Please assume that investor can short sale only 1 bond or take a loan limited to the amount required to purchase a 1 bond