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Given the following information, find the JPY profits you can make using covered interest arbitrage. Assume you can borrow either EUR 100,000 or JPY 14,603,000.
EUR interest rate = 4% per year
JPY interest rate = 0.5938% per year
S (JPY/EUR) = JPY 146.03 per EUR
F (JPY/EUR) = JPY 141.9021 per EUR for 1 year maturity
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