Suppose that on a given day, 1 Swiss Franc (CFE) could buy 0.92 Euros (), while each Euro could by 1.07 U.S. dollars ($). a)Based on this information, how many Swiss Francs should a U.S. Dollar be able to buy in a normal, competitive market?

b)Suppose that the Swiss Franc-Dollar exchange rate that day was 1.10 CFE/$. Describe an arbitrage strategy that would allow you to profit from this situation