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5. Assume the following bid and ask rates of a Singapore dollar for two banks as shown below: Bid Bank X S0.40/SS $0.41/Ss Bank Y

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5. Assume the following bid and ask rates of a Singapore dollar for two banks as shown below: Bid Bank X S0.40/SS $0.41/Ss Bank Y S0.42/S$ $0.425/S$ Ask Given this information, what would be your gain if you use $1,000,000 and execute locational arbitrage? (5 pts.)

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