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Bank #1 Bank #2 Bank #3 Bid price of Australian dollar $.747 $.750 $.754 Ask price of Australian dollar $.751 $.758 $.762 Given this information,

Bank #1 Bank #2 Bank #3

Bid price of Australian dollar $.747 $.750 $.754

Ask price of Australian dollar $.751 $.758 $.762

Given this information, is locational arbitrage possible? If so, explain the steps involved in locational arbitrage, and compute the profit from this arbitrage if you had $1,000,000 to use.

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