The following spot exchange rates are currently being quoted by three different banks: JP Morgan offers a spot rate of 0.0071-0.0079/ Societe Generale offers a spot rate of 0.879-0.888/$ Bank of America offers a spot rate of 100.9-101.5/$ Required: (i) Calculate the implied cross exchange rate between the euro () and the yen (). (ii) Demonstrate how an arbitrageur could make a profit from this situation and calculate the amount of the profit if 1m (millions) dollars ($) was arbitraged. You need to show all your workings. (iii) Now assume that you have 50m instead of $ 1m. Calculate the profit that can be made through triangular arbitrage. You need to show all your workings.