Doug Bernard specializes in cross$-$rate arbitrage. He notices the following quotes:

Swiss franc$/$dollar $=$ SFr$1\mathrm{.}6077/$$

Australian dollar$/$U$.$S$.$ dollar $=$ A$$1\mathrm{.}8345/$$

Australian dollar$/$Swiss franc $=A$$$\frac{1\mathrm{.}1521}{S}Fr$

Required:

Ignoring transaction costs,

a$.$ Does Doug Bernard have an arbitrage opportunity based on these quotes?

Answer is complete and correct.

Does Doug Bernard have an arbitrage opportunity based on these

quotes?

b$.$ How much would he profit if he has $$1,000,000$ available for this purpose?

Note: Do not round intermediate calculations. Round your answer to $2$ decimal places.

Answer is complete but not entirely correct.

Arbitrage profit