You are 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 converted the $5,000,000 into Yen at the spot rate and invested the cash in Japan for 6 months, how many Yen would you have at the end of the period?

JPY603,081,000

JPY607,230,000

JPY 613,162,000

JPY 593,000,000