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QUESTION 3 Use the following information to answer the next two questions. Suppose you see the following quotes for pounds at three banks. Bank X:$1.255-65

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QUESTION 3 Use the following information to answer the next two questions. Suppose you see the following quotes for pounds at three banks. Bank X:$1.255-65 Bank Y:$1.245-59 Bank Z:$1.258-61 Find the locational arbitrage profit available to someone with access to $1,000,000 9638.55 0 1593.63 3182.18 QUESTION 4 The ask quote at Bank Y must increase to prevent the arbitrage opportunity found in the previous question. True False

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