Suppose the spot exchange rates quoted by three banks located in three different countries are as follows:

Bank A (Australia): 95/A$

Bank B (Germany): A$1.60/

Bank C (Japan.): 150/

Assume a German investor has an initial 52 million and the investor can buy or sell currencies from the banks at the above quoted rates.

Determine the percentage return for the trader if making a profit through a triangular arbitrage strategy is possible.

Show all calculation steps and both paths.

[Hint: The percentage return is simply any profit divided by the initial investment. Like, if profit is $4 and investment is $100, the percentage return is $4/$100 = 4%]