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Assume at Chase Bank the bid rate of a Brazilian real is $.18 while the ask rate is $.20. Assume at the Bank of America

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Assume at Chase Bank the bid rate of a Brazilian real is $.18 while the ask rate is $.20. Assume at the Bank of America the bid rate of a Brazilian real is $.21 while the ask rate is $.22. Given this information, what would be your gain if you use $1,000,000 and execute locational arbitrage? That is, how much will you end up with over and above the $1,000,000 you started with

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