Suppose that the annual interest rate is 3 percent in the United States and 6 percent in Germany, and that the spot exchange rate is $1.2/ and the forward exchange rate, with one-year maturity, is $1.09/. Assume that an arbitrager can borrow up to $1,000,000 or 833,333.

If an astute trader finds an arbitrage, what is the profit in one year (in the currency of Part 1)?