Suppose a 1-year UK T-bill pays 2.22% and a 1-year Canadian T-bill pays 1.24%. The current spot exchange rate is 1 British pound (GBP) = 1.7247 Canadian dollar (CAD) and the 1-year forward exchange rate is 1 GBP = 1.6897 CAD. What arbitrage profit can an investor earn on an investment value of CAD 1 million? Answer: CAD (DO NOT ROUND YOUR CALCULATIONS UNTIL YOU REACH THE FINAL ANSWER. ENTER YOUR RESPONSE ROUNDED TO TWO DECIMAL PLACES AND NO SEPARATOR FOR THOUSANDS.) Suppose a 1-year UK T-bill pays 2.22% and a 1-year Canadian T-bill pays 1.24%. The current spot exchange rate is 1 British pound (GBP) = 1.7247 Canadian dollar (CAD) and the 1-year forward exchange rate is 1 GBP = 1.6897 CAD. What arbitrage profit can an investor earn on an investment value of CAD 1 million? Answer: CAD (DO NOT ROUND YOUR CALCULATIONS UNTIL YOU REACH THE FINAL ANSWER. ENTER YOUR RESPONSE ROUNDED TO TWO DECIMAL PLACES AND NO SEPARATOR FOR THOUSANDS.)