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Calculate the profit to be made

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Suppose in New York the euro and British pound trade at the following exchange rates: 0.924 $/euro, and $/pound =1.497. In London, the euro equivalent rate of the pound is 1.650 euro/pound.

a) Is there an arbitrage opportunity? Explain

b) Calculate the profit to be made on $2,000,000. (show your work to four decimal points)

Reference no: EM132559229

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