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Paragraph 3. (a) Assume the following information regarding locational arbitrage: Beta Bank Zeta Bank $0.406 $0.402 Bid price of New Zealand dollar $0.409 $0.404 Ask

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Paragraph 3. (a) Assume the following information regarding locational arbitrage: Beta Bank Zeta Bank $0.406 $0.402 Bid price of New Zealand dollar $0.409 $0.404 Ask price of New Zealand dollar Based on the information provided above, is locational arbitrage possible? If so, show the steps involved in the process and compute the profit from this arbitrage if you had $3 million dollars to use

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