(6) The spot exchange rate for British pound against the US dollar has been quoted as shown in Table Q4(b). Table Q4 (b): Selling Quotes for Pound Sterling in New York Country - currency Contract $/ Foreign Currency UK - pound sterling (GBP) 1.3400 Spot You own $25,000. The dollar rate in London is 0.77 pound sterling. The pound sterling rate in New York is given in the preceding table. Based on the information above: (i) Propose an arbitrage scheme with your capital. (6 marks) Compute the gain (or loss) in dollars based on your calculation in Q4(b)(i). (2 marks) (iii) Discuss the role of arbitrage in the foreign exchange markets