2. (8 points) Given the following quotes, explain how a market trader at State Street Corporation (NYSE:STT) with $1,000,000 in available funds can make an intermarket arbitrage profit, and calculate the expected profit in dollars. [Describe every detail of the trades that would lead to an arbitrage gain (include amounts paid and received, and units)]

Rabobank quote for the rupee/baht rate 2.400 /

Scotiabank quote for the rupee/dollar rate 77.00 / $

Santander quote for the baht/dollar rate 31.00 / $