5. Royal Bank of Canada quotes CS1 = USS 0.7265. Citibank quotes AS 1 = US$0.6980. ANZ bank quotes A3 1 = C30.9350. a. If these quotes are simultaneously observed spot rates, can you make an arbitrage prot? If so, calculate what prot would you make if you started with AS 1 million. Assume that there are no transaction costs. (10 marks) b. What would be your arbitrage prot if you were to inCur the following transaction costs? (10 marks) Conversion from Transaction cost (based on value) Australian dollar to Canadian dollar 1.5% US dollar to Australian dollar 1.0% Australian dollar to US dollar 1.0% Canadian dollar to Australian dollar 1.5% US dollar to Canadian dollar 1.5% (20 marks)