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. Consider the following bid-ask (spot) quotes: USD 1 = JP Y 123.569 707 USD 1 = DKr 5.3021 33 JP Y 1 = DKr

. Consider the following bid-ask (spot) quotes: USD 1 = JP Y 123.569 707 USD 1 = DKr 5.3021 33 JP Y 1 = DKr 0.04315 19 You have $1.

Please find one profitable trading strategy and one unprofitable trading strategy based on triangular arbitrage.

Describe the two strategies and compute their payoffs.

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