b) Assume the following information: Ask Bid 1.09 1.11 Quoted Price Value of one Canadian dollar in Singapore dollars Value of one Australian dollar in Singapore dollars Value of one Australian dollar in Canadian dollars 1.04 1.06 0.94 0.96 Given this information and taking into account of transaction costs, is triangular arbitrage possible? If so, describe the steps that would reflect triangular arbitrage, and compute the profit from this strategy if you had S$1,500,000 to use. What market forces should occur to eliminate any further possibilities of triangular arbitrage? (7 marks)