Questiona$)$ Triangular arbitrage is one of the three common types of international arbitrage. In this respect, define triangular arbitrage. $[3$ Marks$].$ b$)$ Assume that a UK bank has quoted the US dollar at $$1\mathrm{.}60$ to the British sterling pound $(1),$ the South African rand $($ZAR$)$ at ZAR $22\mathrm{.}1$ to the British sterling pound $(1),$ and the third exchange rate at $$0\mathrm{.}054$ for one South African rand $($ZAR $1).$ If$,$ as a UK businessman or businesswoman, you wanted to convert ZAR $100,000$ to British sterling pounds, would it be preferable to convert at the direct rate of $1=$ ZAR $22\mathrm{.}1$ or use the cross$-$exchange rate by converting the ZAR into dollars and then the dollars into British sterling pounds? Your response should contain necessary supporting computations as well as narrative explanations. $[7$ Marks$].$