As a wheat futures trader, you observe the following futures prices for the purchase and sale of

Question:

As a wheat futures trader, you observe the following futures prices for the purchase and sale of wheat in 3 months: $3.00 per bushel in Chicago and ¥320 per bushel in Tokyo. Delivery on the contracts is in Chicago and Tokyo, respectively. If the 3-month forward is ¥102/$, what is the magnitude of the transaction cost necessary to make
this situation not represent an unexploited profit opportunity?

Exchange Rate
The value of one currency for the purpose of conversion to another. Exchange Rate means on any day, for purposes of determining the Dollar Equivalent of any currency other than Dollars, the rate at which such currency may be exchanged into Dollars...