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Assuming the following quotes, a market trader with $1,000,000 successfully completes an intermarket arbitrage. What is the dollar profit earned? Citibank quotes US dollars per

Assuming the following quotes, a market trader with $1,000,000 successfully completes an intermarket arbitrage. What is the dollar profit earned?

Citibank quotes US dollars per pound $1.60 = 1.00

National Westminster quotes euros per pound 1.20 = 1.00

Deutschebank quotes US dollars per euro $1.34 = 1.00

Group of answer choices

$3,774

$4,975

$5,000

$60,000

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