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Bank X quotes an ask of 0.33 USD/NZD, with a bid-ask spread of 1.1 %. Bank Y quotes an ask of 0.39 USD/NZD, with a

Bank X quotes an ask of 0.33 USD/NZD, with a bid-ask spread of 1.1 %. Bank Y quotes an ask of 0.39 USD/NZD, with a bid-ask spread of 1.1 %. Given this information, what would be your profit if you use 1 million USD and execute one cycle of locational arbitrage?

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