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2. You have $2,000,000 to invest. The USD/EUR exchange rate is quoted as $1.09/ and the USD/GBP exchange rate is quoted as $1.23/. If a

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2. You have $2,000,000 to invest. The USD/EUR exchange rate is quoted as $1.09/ and the USD/GBP exchange rate is quoted as $1.23/. If a bank quotes you a cross rate of 1.10/, describe how you would take advantage of this situation (in steps) and compute your arbitrage profit

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