Suppose you buy $1 million worth of South Korean won, then use the won to buy Mexican pesos, and finally buy dollars with the pesos. The indirect exchange rate between the dollar and the won is 1104.04 and the indirect exchange rate between the dollar and the peso is 20. You can receive 55 won for each peso at the going exchange rates. It takes you one full day to complete all of these transactions.

Calculate the following and show your work:

A. Your profit or loss from trading these currencies

B. Your percentage profit or loss on your $1 million investment