The following are quotes for exchange rates involving MYR (Malaysian Ringgit), JPY (Japanese Yen), SGD (Singapore dollar) and USD given by a major bank. You work for a hedge fund in Kuala Lumpur (the capital of Malaysia) and your job is to see whether an arbitrage exists and, if so, to compute the arbitrage profit assuming an initial capital (ie., the amount of money your hedge fund have available to trade) of 50 mio MYR (i.e., 50,000,000 MYR)

Bank bid-ask quotes:

MYR per USD

JPY per MYR

JPY per USD

SGDIper USD

JPY per SGD

6.01 (bid) - 6.02 (ask)

19.35 (bid) _ 19 45 (ask)

115.05 (bid) - 115.10 (ask)

1.3450 (bid) - 1.3460 (ask)

85.45 (bid) - 85.60 (ask)

I am going to give you a hint You will trade only THREE currencies (in other words, one of the currencies above is a red herring) and a logical starting point is to sell the 50 mio MYR you have available.

Give your answer in Malaysian Ringgit (to the nearest Malaysian Ringgit)