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Math Problem ( Show the detailed calculations ) : Suppose that you observe the following exchange rates: 1 . 1 5 $ , 3 .

Math Problem (Show the detailed calculations):
Suppose that you observe the following exchange rates:
1.15$,3.15$,0.45
Check if there is an arbitrage opportunity and calculate the profits if you start with 1,000,000. Assume that the total transactions costs are 2,000. Show all transactions and calculations involved in one round of transactions.
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