Consider the example discussed in class. Suppose $\frac{\text{\$}}{}$ bid$-$ask spread is $$1\mathrm{.}3153-$ $$1\mathrm{.}3158,$

and bid$-$ask spread is $$1\mathrm{.}1228-$ $$1\mathrm{.}1232.$ Now, you have the the spot cross$-$rate quotes for

as $.$

$(1)$ Are there any feasible arbitrage opportunities?

$(2)$ If you answer "yes" to $(1),$ give a concrete numerical example of your trading strategy

$($i$.$e$.,$ with specific numbers$).$ What are the factors that may affect your ability to

realize that profit? If you answer $"$no$"$ to $(1),$ under what conditions do you think the

arbitrage opportunity may become available?