$($i$1$i$)$

A trader with $$1,000,000$ has come to the knowledge of the fact that a pound sterling is bid

$$1\mathrm{.}9724$ in New York and the Euro is offered at $$1\mathrm{.}3450$ in Frankfurt. The trader is furth

informed that, London banks are offering the pound sterling at $1\mathrm{.}4655.$ Advise him ond

steps that he would follow to earn a risk$-$less profit through a triangular arbitrage.