You are a foreign currency exchange trader with $5,000,000 to invest and are exploring a covered interest rate arbitrage opportunity between the US and Japan. You have the following information: Investment amount $5,000,000

Investment time horizon: 180 days

Spot rate: USDJPY 118.60

180 day forward rate: USDJPY 117.80

Annualized USD interest rate: 4.80%

Annualized JPY interest rate: 3.40%

If you invested $5,000,00 at US interest rates for 6 months and converted those dollars into Yen at the forward rate, how many Yen would you have at the end of 180 days? Group of answer choices

JPY 603,136,000

JPY 603,081,000

JPY 593,000,000

JPY 607,232,000