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A FX trader has $1 million to trade with the following information: the current spot X-rate is 106yen/$, the 180-day forward rate is 103.
A FX trader has $1 million to trade with the following information: the current spot X-rate is 106yen/$, the 180-day forward rate is 103.5yen/$, the dollar interest rate is 8% per year (APR) and the Yen interest rate is 4% per year (APR). How much profit can this FX trader make?