Suppose one-year US Treasury bill pays 2.25% and one-year Canadian Treasury bill pays 1.04%. The current spot exchange rate is 1 US dollar (USD) = 1.2897 Canadian dollar (CAD) and the one-year forward exchange rate is 1 USD = 1.2293 CAD. How much arbitrage profit can an investor earn on an investment value of CAD 1 million? Answer: