Suppose you are an US investor and you conduct the following transaction by borrowing $1,000,000 at the start of each year and investing in the AUD for one year, then you covert back to USD at the end of that year. One-year interest rates, the exchange rate between AUD and USD, and one-year forward rate are provided below between 2001 and 2004. One-year interest rates in the Australia and US are on January 1 each year, and the exchange rate and forward rate are the amount of AUD per USD on December 31 each year. What is your maximum transaction USD profit in 2004? Please select the most suitable option

	i$A(%)	i$(%)	SAUD/USD	One-year Forward Rate FAUD/USD
2001	6.53	6.50	2.2599	2.3443
2002	6.70	6.00	2.2015	2.2748
2003	4.91	2.44	2.1117	2.2546
2004	5.94	1.45	2.1231	2.2052

	a.	$35,304
	b.	$39,211
	c.	0
	d.	$69,312