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Suppose we observe the following for the Canadian dollar (CAD) and the British Pound (GBP): 1 USD = 1.144 CAD 1 USD = 0.606 GBP

Suppose we observe the following for the Canadian dollar (CAD) and the British Pound (GBP):

1 USD = 1.144 CAD 1 USD = 0.606 GBP Suppose the cross-rate is quoted as: 1 CAD = 0.848 GBP

What is the arbitrage profit on $71,169?

Enter your answer round off two two decimal points.

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