an exchange rate of $0.33 per peso. A third bank is willing to exchange Japanese yen at an exchange rate of 1 Argentine peso =34 yen. a. Show how you can make a profit from triangular arbitrage. I. You need to obtain yen and convert to pesos, and then convert to dollars. II. You need to obtain pesos and convert to yen, and then convert to dollars. What would your profit be if you had $1,000,000 ? Do not round intermediate calculations. Round your answer to the nearest dollar. $ b. As investors engage in triangular arbitrage, explain the effect on each of the exchange rates until triangular arbitrage would no longer be possible. converted into dollars, the peso's value should depreciate against the dollar. converted into dollars, the yen's value should depreciate against the dollar. converted into dollars, the peso's value should appreciate against the dollar. converted into dollars, the yen's value should appreciate against the dollar