City Bank in Manhattan has provided you with the follow currency quotes.  

Bid

Ask

Euro in $

1.21

1.35

Pesos in $

$.21

$.22

Euro in pesos

11

12

You have $5,000. 

a.     Is there any arbitrage opportunity to generate profit? 

b.     If so, explain and show the order of steps to generate arbitrage profit. 

c.     What your arbitrage profit in amount and in percentage

d.     Under what circumstance the arbitrage opportunity would no longer exists