Suppose in month t the annual nominal interest rate is i_US = 0.05 in the United States and i_GER = 0.02 in Germany. Suppose further that in month t a speculator invests 400 million euros in carry trade for one month. Let e_t be the nominal exchange rate in t , defined as the euro price of one dollar. Suppose that between t and t+1 the euro depreciates by 3 percent. Did the speculator gain or lose and by how much? Express your answer in euros. Show all your calculations.