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Consider the following exchange rate quotes: Israeli Shekel per U.S. dollar = 3.71, Canadian dollar per U.S. dollar = 1.35, and Canadian dollar per Israeli

Consider the following exchange rate quotes: Israeli Shekel per U.S. dollar = 3.71, Canadian dollar per U.S. dollar = 1.35, and Canadian dollar per Israeli Shekel = 0.3. Ignoring transaction costs, is there an arbitrage opportunity based on these quotes? If there is an arbitrage opportunity, what steps would you take to make an arbitrage profit, and how would you profit if you have $2,000,000 available for this purpose?

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