Spot rate DKK 6.8911/$` 12-month forward rate DKK 6.9866/$ Inflation in US 2.0 percent/year Inflation in Denmark 4.4 percent/year Interest rate in US 3.2 percent/year Interest rate in Denmark 5.5 percent/year

If instead of entering into the real estate market, you decide to probe into arbitrage opportunities between the two markets, what is your risk-free profit or loss after one year if you borrow $4,500,000.00 in the US and transfer it to Denmark today? For simplicity, assume that the interest rates given above are for borrowing or investing. If you encounter a loss, indicate it by a negative sign; the template does not recognize parenthesis.

Based on the information given above, calculate how much the two markets may be in disequilibrium. Hint: Use the fourth theory (interest rate parity). Express your answer in percent but drop the percentage sign. If your answer is negative, enter its absolute value, i.e., drop the negative sign when entering it into the template.