Question 28 You have the following spot bid and ask rates between the Canadian dollar (CAD), the British pound (GBP), and the Singapore dollar (SGD): Bid Ask SGD 1.1706/CAD SGD 1.1824/CAD SGD 2.0420/GBP SGD 2.0626/GBP GBP 0.6077/CAD GBP 0.6139/CAD Which of the following is the closest to the arbitrage profit that is possible at these rates? a. 4.95% b. 4.21% c. 6.06% d. There is no arbitrage possible at these rates. e. 5.85%