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Question 1 Suppose Air France receives the following indirect quotes in New York: 0 . 9 2 - 0 . 9 3 and 0 .

Question 1
Suppose Air France receives the following indirect quotes in New York: 0.92-0.93 and
0.63-0.64. Given these quotes, what range of bid and ask quotes in Paris will permit
arbitrage?
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