Question: ( Covered Interest Rate Parity ) You are facing the following exchange rates and interest rates. Spot rate ( / $ ) 1 1 4

( Covered Interest Rate Parity) You are facing the following exchange rates and interest rates.
Spot rate (/$)114
180-day forward rate (/$)117
180-day U.S. dollar interest rate 5.1%
180-day Japanese yen interest rate 3.6%
If you can borrow $1,000,000 or the equivalent amount of yen, and you can profit from the covered interest arbitrage, then your profit is $_______________.(Please keep two decimal places.)

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