Suppose you observed the following spot quotations in Berlin (Germany), Paris (France), and New York (United States): Berlin: The $/DM exchange rate is $0.35/DM Paris: The DM/FF exchange rate is DM 0.31/FF New York: The FF/$ exchange rate is FF 9.217/$ If your home location is New York, how much is the arbitrage profits per $1 million? Show your steps in details. Note: DM is the Deutch Mark, and FF is the French Franc