A. Assume the following quotes for pounds, U.S. dollars and euros exist today. 1.15/ $1.30/ $1.65/ i. Assume no transaction costs. Based on these quotes, is there an arbitrage opportunity, and if so, how would a UK currency trader with access to 1 million exploit this? Clearly explain your answer and show all relevant calculations. ii. Clearly explain how the market would react to eliminate any arbitrage opportunities in (i) above and how the exchange rates would change as a result