Assume the bid rate of a a British pound is $1.150 while the ask rate is $1.558 at Commerce Bank. Assume the bid rate of the British pound is $1.120 while the ask rate is $1.136 at PC National Bank. Given this information, what would be your gain if you execute locational arbitrage? That is, how much will you end up with over and above the $3,000,000 you started with? use $3,000,000 and $38,639 $31,970 $36,972 $40,883 None of the answers listed is correct