A corporate treasury with operations in New York simultaneously calls Citibank in midtown (New York City) and Barclays in London. The two banks give the following quotes at the same time on the euro: (12 points)

Citibank N.Y. Barclays London

$1.1840-60/ $1.1830-50/

Using $1 million or its euro equivalent, show me how the corporate treasury could make geographic arbitrage profit with the two exchange rate quotes.