Given this information. Is triangular arbitrage possible? If so, explain the steps that would reflect triangular arbitrage and compute the profit from this strategy if you had $1,000,000 to use.

Value of Canadian dollar in US dollars	$ 0.90
Value of New Zealand dollar in US dollars	$ 0.30
Value of Canadian dollar in New Zealand dollars	NZ$ 3.02

Step 1

1) Different i for Base rate -Quote rate =

2) Different between Spot and Forward =

(1) + (2) =

invest in _ borrow in _

Step 2 explain using table

2 Second step spot