According to the Wall Street Journal, on May 8, 2009, a BNY Mellon foreign exchange desk bought €4 million on behalf of an L.A. pension fund at a rate of $1.3625, just below the high for the day of $1.3653. The low for the day was $1.3339. Suppose that the pension fund had been charged at the midpoint for its trade. What would its saving have been?