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Marcus is interested in inter-bank arbitrage. Suppose that the following exchange rates are

available to him and that he may either buy or sell at these rates.(a) Does an opportunity exist to profit from arbitrage between the three markets? In other words, is triangular arbitrage possible? Explain your answer.(b) If Marcus has US$1 million to arbitrage with, what would be the result (profit or loss) from triangular arbitrage? Illustrate and explain your answer, and show all workings.(15 marks)

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