(One price principle, cross-listed stock) Teva is a pharmaceutical company traded both on the Tel Aviv stock exchange and on the Nasdaq. At 9:30 Eastern time (when both exchange markets are open), Teva was traded for

$25.75 on the Nasdaq and for 112 New Israeli Shekels (NIS) in Tel Aviv.

At the same time, $1 was traded for 4.48 NIS. Show a strategy that enables arbitrageurs to earn profits. When do you think that the profit opportunities will cease to exist?