Doug Bernard specializes in cross -rate arbitrage. He notices the rate arbitrage. He notices the rate arbitrage. He notices the rate arbitrage. He notices the rate arbitrage. He notices the rate arbitrage. He notices the following quotes: following quotes: following quotes: Swiss franc/dollar = SFr1.5971/$ Australian dollar/U.S. dollar = A$1.8215/$ Australian dollar/Swiss franc = A$1.1440/ SFr Ignoring transaction costs, does Doug Bernard have an arbitrage opportunity based on these quotes? If there is an arbitrage opportunity, what steps would he take to If there is an arbitrage opportunity, what steps would he take to make an arbitrage profit and how would he profit if has $1,000,000 available for this purpose.