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Consider the following exchange rates and the cross-exchange rate between the Canadian Dollar (CAD) and Turkish Lira (TRY). These rates are bid rates. 1TRY=0.046 USD

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Consider the following exchange rates and the cross-exchange rate between the Canadian Dollar (CAD) and Turkish Lira (TRY). These rates are bid rates. 1TRY=0.046 USD 1CAD=0.7692 USD 1CAD=19.093TRY Calculate the theoretical cross-exchange rate between CAD and TRY. Is there any triangular arbitrage opportunity? 19.093 TRY: No 16.7217 TRY: Yes 19.093 TRY: YeS 16.7217 TRY: No

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