Assume the following information. | Good Grade Guarantee!
Assume the following information.
• Interest rate on borrowed euros is 5 percent annualized.
• Interest rate on dollars loaned out is 6 percent annualized.
• Spot rate is 1.10 euros per dollar (one euro = $0.909).
• Expected spot rate in five days is 1.15 euros per dollar.
• TUNA Bank can borrow 10 million euros.
If TUNA Bank attempts to capitalize on the above information, its profit over the five-day period would be?
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