Suppose you observed the following spot quotations in Berlin (Germany), Paris (France), and New York (United States):

Berlin: The $/DM exchange rate is $0.34-0.36/DM

Paris: The DM/FF exchange rate is DM 0.30-0.32/FF

New York: The FF/$ exchange rate is FF 9.212- 9.220/$ If your home location is New York, show whether there are any arbitrage opportunity per $1 million?

Show your steps in details. Note: DM is the Deutch Mark, and FF is the French Franc.