The table below shows the bid and offer (ask) exchange rates quoted in London:

(a) Calculate the bid and offer exchange rates missing in the table. (6 marks)

(b) How much Swiss francs (CHF) can I buy with my 1 million euros? (3 marks)

(c) Suppose, bid and offer for USDCHF in Tokyo are 0.887 and 0.8875. How much arbitrage profit can a Japanese investor with 1 million yens make? Hint: the transactions of this Japanese investor involve buying and selling currencies in Tokyo and London. (5 marks)

EURUSD USDCHF USDJPY USDRUB USDTRY EURTRY RUBTRY Bid ? 0.898 110 ? 8.503 10.3141 0.118097222 Offer 1.2135 0.8985 110.1 ? 8.511 ? 0.11837274