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31) Assume the bid rate of a New Zealand dollar is $.65 while the ask rate is $.655 at Bank X. Assume the bid rate

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31) Assume the bid rate of a New Zealand dollar is $.65 while the ask rate is $.655 at Bank X. Assume the bid rate of the New Zealand dollar is $.64 while the ask rate is $.645 at Bank Y. Given this information, what would be your profit or loss if you use $1,000,000 and execute locational arbitrage? YOU MUST SHOW SOLUTION TO GET CREDIT

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