Using below information:
Current spot rate EUR1 =	USD	1.55
Annual interest rate in EU:		4%
Annual interest rate in US:		1%
Forward rate of EUR1:		1.45

What is the Covered Interest Arbitrage Profit if you borrow either: (i) USD 15,5000,000 or (ii) EUR 10,000,000

Note: If you borrow USD, profit must be in USD. If you borrow EUR, profit must be in EUR

To avoid rounding error, in every step, use 2 numbers after decimal point.