12. You have the following bank quotations: Bank Quotations Bid Ask Bank A $: 0.6492 0.6493 Bank B $: 0.7640 0.7642 Bank C : 0.8491 0.8493 OK/s 60% OK's Which of the following strategies would earn you risk-free profit? a. Start with dollars, exchange for euros, exchange for pounds, exchange for dollars. b. Start with pounds, exchange for euros, exchange for dollars, exchange for pounds. Both a. and b. are profitable strategies because both direct and indirect quotes are out of equilibrium. d. There is no opportunity to earn arbitrage because all rates are equilibrium rates.