please help because for some reason i am ending up with a negative answer as my profit in USD. I'm not sure if i am doing this correctly.

at Time = 0 it should look like:

1) Borrow...

2) Convert...

3) Lend...

4) Forward rate...

at Time = 1 it should look like:

1) Receive...

2) Convert...

3) pay principal and interest on...

Profit in USD:

James Zhang, a foreign exchange trader at J.P.Morgan Chase, can borrow USD800,000, or its yen equivalent, in a covered interest arbitrage between U.S. dollars and Japanese yen. Spot exchange rate: JPY124/USD Six-month forward exchange rate: JPY123/USD 180-day USD interest rate: 1.5% 180-day JPY interest rate: 0.5% Assume that there is no transaction cost. Explain the specific steps James must take and calculate the profit in U.S. dollar from the covered interest arbitrage. Calculation \& Conclusion: Time=0 1) 2) 3) 4) Time =1 1) 2) 3) Profitin USD