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1. You observed the bid rate of a New Zealand dollar is $.6723 while the ask rate is $.6812 at Bank X. The bid rate

1. You observed the bid rate of a New Zealand dollar is $.6723 while the ask rate is $.6812 at Bank X. The bid rate of the New Zealand dollar is $.6712 while the ask rate is $.6701 at Bank Y. What would be your dollar amount profit if you use $1,000,000 to execute locational arbitrage?

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