1. The following information applies to the next question (which is from the previous three questions). Citi Bank believes the Singapore will appreciate over the next six days from $.71 to $.77. The following annual interest rates apply:

   Currency	Lending Rate	Borrowing Rate
   U.S. Dollar ($)	5.00%	6.00%
   Singapore dollar (S$)	4.85%	5.50%

   Citi Bank has the capacity to borrow either S$20 million or $10 million. Assume 360 days in a year for simplicity and set your decimal to at least 6 places. If Citi Bank's forecast is correct, what will its dollar profit be from speculation over the six-day period (assuming it does not use any of its existing consumer deposits to capitalize on its expectations)? Hint: Convert the total amount received in S$ (from Question 31) back to $ after six days and then subtract the total borrowed amount with interest (from Question 32).

   		$10,932,734.74
   		$4,084,507.04
   		$4,198,356.81
   		$922,734.74
   		$419,835.56