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Suppose we observe the following quotes: Bid Ask FR/USD 1.5971 1.5979 AUD/USD 1.8215 1.8220 AUD/FR 1.1450 1.1458 Do we have an arbitrage opportunity? (2 MARKS]

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Suppose we observe the following quotes: Bid Ask FR/USD 1.5971 1.5979 AUD/USD 1.8215 1.8220 AUD/FR 1.1450 1.1458 Do we have an arbitrage opportunity? (2 MARKS] If so, how much do we earn with USD1 million available to trade? [8 MARKS] Suppose we start with the AUD/FR cross rate

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