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Need a bit of help thanks! 5 Suppose we observe the following for the Canadian dollar (CAD) and the British Pound (GBP): 1 USD =

Need a bit of help thanks! 5

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Suppose we observe the following for the Canadian dollar (CAD) and the British Pound (GBP): 1 USD = 0.862 CAD 1 USD = 1.273 GBP Suppose the cross-rate is quoted as: 1 GBP=0.943 CAD What is the arbitrage profit on $48,055? Enter your answer round off two two decimal points

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