Interest rates (not continuously compounded) on the U.S. dollar are 6.5% and euro rates are 5.5%. The dollar per euro spot rate is 0.950. What is the arbitrage profit on a required $1 million Euro...

Interest rates (not continuously compounded) on the U.S. dollar are 6.5% and euro rates are 5.5%. The dollar per euro spot rate is 0.950. What is the arbitrage profit on a required $1 million Euro payment if the forward rate is 0.980 dollars per Euro and the exchange occurs in one year? Please explain