3. (10 points) Assume you are a trader with JP Morgan. From the quote screen on your computer terminal, you notice that Credit Suisse is offering $1.00/SF1.1806 and JP Morgan is quoting $1.00/0.7627. You learn that UBS is making a direct market between the Swiss franc and the euro, with a current /SF quote of 0.65 (+0.65/SF). Show how you can make a triangular arbitrage profit by trading at these prices. (Ignore bid-ask spreads for this problem.) Assume you have $5,000,000 with which to conduct the arbitrage. What /SF price will eliminate triangular arbitrage? What happens if you initially sell dollars for euros