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5. Elon Musk specializes in cross-rate arbitrage. He is given the following quotes from his banks: Swiss franc/US dollar SFr.9300/US$ Australian dollar/US dollar AUD$1.4520/US$

5. Elon Musk specializes in cross-rate arbitrage. He is given the following quotes from his banks: Swiss franc/US dollar SFr.9300/US$ Australian dollar/US dollar AUD$1.4520/US$ Australian dollar/Swiss franc = AUD$1.55/SFr Recall the implied no arbitrage cross rate is JD$ US$ AUD$ SFT | US$ Assume he has $1,000,000 to execute a cross-rate arbitrage. What is his profit in US$? SHOW all steps in your calculations!

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