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Question 3 - 13 marks You are a dealer in the Treasury of a multinational corporation with operations in U.S., Singapore and Paris. You arrive at your office in the morning and see the following spot exchange rate quotes from your banks: Banque Paribas quotes Euro (EUR) per U.S. dollar (USD) EUR 0.8730 / USD Development Bank of Singapore quotes Euro (EUR) per Singapore Dollar (SGD) EUR 0.6267 / SGD JP Morgan Chase quotes Singapore Dollar (SGD) per U.S. Dollar (USD) SGD 1.3829 / USD 3A. Assume that you have excess cash of $10,000,000, determine whether you now have an arbitrage opportunity by trading in the foreign exchange markets. You need to show step- by-step how your strategy works and compute the arbitrage profit you can make from these transactions. (3A. 10 marks) 3B. What should Development Bank of Singapore quote of SGD in terms of EUR (i.e. S(EUR/SGD)) so that the arbitrage opportunity could be eliminated? Show your working on how you determine the exchange rate. (3B. 3 marks) Hint: Use the cross-exchange rate equilibrium to determine your strategy