Determine the triangular arbitrage profit that is possible if you have $1,000,000. You are a U.S.-based treasurer with $1,000,000 to invest. The Singapore dollarU.S. dollar (S$/$) spot exchange rate is S$1.60/$, the Canadian dollarU.S. dollar (CD/$) spot rate is CD1.33/$ and the S$/CD1.15. Show how you can make a triangular arbitrage profit by trading at these prices. (Ignore bid-ask spreads for this problem.)