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Suppose $1 = 0.75 euros in New York, 1 yen = .0066 in Paris, and $1 = 125 in Tokyo. If you begin by holding

Suppose $1 = 0.75 euros in New York, 1 yen = .0066 in Paris, and $1 = 125 in Tokyo. If you begin by holding $10 million, how would you engage in arbitrage to profit from these three rates? Compute your net profit.

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