H.B.C. Bank J.P. Bank Bid price of New Zealand dollar $.705 $.707 Ask price of New Zealand dollar $.706 $.708 Given this information, is locational arbitrage possible? If so, explain the steps involved in locational arbitrage, and compute the profit from this arbitrage if you had $2,000,000 to use. (Points : 3.6) Yes, locational arbitrage is possible. One could purchase New Zealand dollars at J.P. Bank for $.705 and sell them to H.B.C. Bank for $.708. With $2 million available, the profit will be $6,000.00. Yes, locational arbitrage is possible. One could purchase New Zealand dollars at J.P. Bank for $.706 and sell them to H.B.C. Bank for $.707. With $2 million available, my profit will be $2,832.86. Yes, locational arbitrage is possible. One could purchase New Zealand dollars at J.P. Bank for $.706 and sell them to H.B.C. Bank for $.707. With $2 million available, the profit will be $2,000. Yes, locational arbitrage is possible. One could purchase New Zealand dollars at J.P. Bank for $.705 and sell them to J.P. Bank for $.708. With $2 million available, the profit will be $8,510.64.