Suppose that Sailbridge Bank and Signbit Bank both act as financial intermediaries in the foreign exchange market. The quotations for the British pound at the two banks are shown in the following table: Sailbridge Bid Ask $1.98 $2.03 Signbit Bid Ask $2.05 $2.10 British pound Suppose that you have $16,000 to use to engage in locational arbitrage. Note: Round your answers to two decimal places. To start, you use $16,000 to purchase pounds from Bank (since they have the cheaper price of pounds). Note: Round your answers to two decimal places. for a higher price than you originally paid, and receive This After purchasing these pounds, you sell them to represents a profit of