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Consider the following quotes in the spot market: Bank A $ per $ 1 . 6 0 Bank B $ per $ 2 . 3

Consider the following quotes in the spot market:
Bank A
$ per
$1.60
Bank B
$ per
$2.34
Bank C
per
2.27
Is there an arbitrage opportunity?
If so, how would you take advantage of the arbitrage opportunity? Assume you start with $1 million.
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