The Treasurer of Beta Ltd. (JAL) has excess cash it can invest. He notices the following exchange rates: 1 USD = 0.850 GBP 1 USD = 0.935 EUR 1 GBP = 1.115 EUR a) Is the GBP per EUR exchange rate in equilibrium? Show your work. (2 Marks) b) If the Treasurer invests the amount of $10 million show whether or not it would be possible to profit from arbitrage assuming zero transaction costs? Show your work. (3. Marks)