Spot exchange rates: USDO.7215/AUD-USDO.7225/AUD JPY100.50/AUD-JPY100.60/AUD Three-month interest rates: USD deposits/loans: 1.00 % -1.25 % p.a. JPY deposits/loans: 0.25% -0.50% p.a. AUD deposits/loans: 1.50 % -1.75% p.a. A. If Citibank is quoting JPY132.55/USD-JPY132.58/USD, is there a triangular arbitrage opportunity? If so, how would you exploit it and what would be the percentage return? Show all working. (4 points) B. You observe that the 3-month swap points for USD/AUD are 30/20. Can you do a covered interest arbitrage? If so, how would you exploit it and what would be the percentage return? Show all working. (4 points)