Suppose you observe the following quotes in NY: $1$ uk pound$=1\mathrm{.}2150-1\mathrm{.}2360$$ and $1$$$=112\mathrm{.}40-114\mathrm{.}10$ yen. Calculate the cross rate of a variable number of yens versus $1$ UK pound. offer an explanation for your choice $($bid or offer$)$ of the quotes you observe. Then, you know that in London a trader gives the following quotation: $1$ uk pound$=134\mathrm{.}10-136\mathrm{.}10$ yens.Calculate the profits, in UK pounds, from arbitrage on $1$ million pounds and describe briefly, how market movements will make the arbitrage opportunities disappear.