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Consider the following spot and cross exchange rates quoted by Commonwealth Bank (Commbank) and Australia and New Zealand Banking Group (ANZ) involving the Australian dollar

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Consider the following spot and cross exchange rates quoted by Commonwealth Bank (Commbank) and Australia and New Zealand Banking Group (ANZ) involving the Australian dollar (AUD), British pound sterling (GBP), and United States dollar (USD): Assume at the start that you have AUD 10,000, GBP 10,000, and USD 10,000, respectively. You can also assume that all interest rates are zero and there are no trading restrictions. Can you identify any positive arbitrage opportunities from this set of quotes? Consider all possible positive arbitrage opportunities. Explain and show your working clearly and completely. If there are no positive arbitrage opportunities, explain and show clearly why

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