Instructions: Please show all your calculations in an orderly fashion. There is no credit for just the answers. Please work alone as collaborating with others constitutes cheating. 1. You observe the following exchange rate quotes for the South African Rand (ZAR), and the Swedish Krona (SEK): ZAR 14.7918/$ SEK 8.6686/$ SEK 0.5534/ ZAR a) If you start with $ 1 million, what arbitrage profit in dollars can you make using triangular arbitrage? Show all your calculations in a clear and orderly fashion. No credit will be given for just answers. b) At what exchange rate (SEK/ZAR) will triangular arbitrage yield zero profits