You have just started work as a trader for a hedge fund, Leopard Capital. Congratulations on your new job!$$ Your job is to profit from possible arbitrages in the currency markets. You have the following information today from a large international bank actively quoted rates in the financial markets. The spot exchange rate for the number of Japanese Yen $($YEN$)$ per Euro $($EUR$)$ is $126\mathrm{.}75--126\mathrm{.}83($bid$-$ask$).$ The Japanese LIBOR interest$-$rate applicable from today to $6$ months from now is $1\mathrm{.}95\%-2\mathrm{.}00\%$ per annum $($this is the bid$-$ask so$,$ for example, $1\mathrm{.}95\%$ is the rate at which YEN can be deposited at the bank and $2\mathrm{.}00\%$ is the rate at which YEN can be borrowed from the bank$).$ The EUR LIBOR interest$-$rate applicable from today to $6$ months from now is $4\mathrm{.}31\%-4\mathrm{.}36\%$ per annum.$$ The six month forward exchange rate for the number of YEN per EUR is $125\mathrm{.}54--125\mathrm{.}61($this is the bid$-$ask$).$ Is there an arbitrage? If you are allowed by your boss at the hedge fund to borrow $823$ mio YEN $($this is the risk capital$),$ how much arbitrage profit $($i$.$e$.,$ guaranteed risk$-$free profit$)$ can you make?$$ "mio" means million.$$ Give your answer in YEN to the nearest YEN. Assume $6$ months is exactly $0\mathrm{.}5$ years. If there is no arbitrage, enter zero. As always, do your calculations in excel and do NOT round until the very end.$$ Don't forget that the risk capital is to be treated as a loan and you have to pay back the loan with interest at the $($correct$)$ borrowing rate. $$