Gary Chow specializes in cross-rate arbitrage. He notices the following quotes: Euro/U.S Dollar = EUR1.11/$USD Australian dollar/U.S. dollar = A$1.23/$USD Australian dollar/Euro = A$1.13/EUR Ignoring transaction costs, does Gary have an arbitrage opportunity based on these quotes? If there is an arbitrage opportunity, what steps would he take to make an arbitrage profit, and how would he profit if he has $1,000,000 USD available for this purpose? Is there an arbitrage opportunity? Answer If there is no arbitrage opportunity, then answer 0 for all numbers below, and choose N/A for the currency choices below. In the following section, fill in the blanks to describe the steps taken to make an arbitrage profit. Round your answers to the nearest whole number. Do not use any currency symbols or commas. Gary should use his USD to buy Answer. The total amount he will receive will be Answer. Next, Gary should use his Answer to buy Answer. The total amount he will receive will be Answer. Finally, Gary should use his Answer to buy Answer. The total amount he will receive will be Answer, leading to an arbitrage profit of Answer.