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Is it possible to engage in arbitrage under the following scenario? The exchange rate in New York is E = $1.05/1, and it is E

Is it possible to engage in arbitrage under the following scenario? The exchange rate in New York is E = $1.05/1, and it is E = $1.06/1 in London. If you think it's possible, explain how you would do it. If you think it's not possible, explain why not.

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