Problem 2. You visited the foreign exchange trading room of a major bank when a trader asked for quotes of the euro from various correspondents and heard of the following:

:$ quoted by Bank A: 1.121015 (note that the first number is the bid rate or 1.1210$/, the second number is the ask rate or 1.1215$/)

:$ quoted by Bank B: 1.121217.

:$ quoted by Bank C: 1.121621.

Given the above rates, is there an arbitrage opportunity assuming no transaction costs? How are you going to exploit this arbitrage opportunity? NOTE; NO NEE HAND WRITENOLTIN