QUESTION 3 (6 POINTS) Pakistani Rupee to Peruvian Sol Canadian Dollar to US Dollar Mexican Peso to Pound Colombian Peso to Pound Mexican Peso to US Dollar Colombian Peso to Pakistani Rupee 44.16 PKR/1 PEN 1.38 CAD/1 USD 26.24 MXN/1 GBP 5152.22 COP/1 GBP 23.39 MXN/1 USD 21.42 COP/1 PKR a) Determine the implied PEN/CAD cross rate. (2 POINTS) b) Suppose that the PEN to CAD exchange rate is 2.91 PEN/1 CAD. Is there any arbitrage opportunity? Explain in words why you think that is the case and the steps to achieve this starting in PEN or CAD. (2 POINTS) c) Assume you have 500 CAD. What is your profit in CAD, (show your calculations)? (2 POINTS)