2) Suppose you have $1,000,000, and you observe the following exchange rates: 1=$.85;1=$1.60;and2.00=1.00. Discuss whether there is an arbitrage opportunity or not. If there is, briefly explain how you can make money. 3) The Singapore dollar-U.S. dollar (S\$/S) spot exchange rate is S$1.60/$, the Canadian dollarU.S. dollar (CD/S) spot rate is CD1.33/S and the S/CD1.15. Determine the triangular arbitrage profit that is possible if you have $1,000,000