a Go to the www1.oanda.com/currency/live-exchange-rates/ website and calculate the triangular arbitrage outcome for £100 (GDP) converted to Japanese yen (JPY) via the euro (EUR). Compare your result with the JPYGBP direct result and comment on any differences.

b Convert South African Rand (ZAR) to UK pounds (GBP) via the US dollar (USD) and compare with the ZARUSD direct rate.