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uppose we observe the following quotes: BidAskDeustcheUSD/SFr1.10991.1108JP MorganUSD/NZD0.66770.6689HSBCSFr/NZD0.60430.6054 Do we have an arbitrage opportunity? If so, starting with 2.5 million USD, how do we make

uppose we observe the following quotes:

BidAskDeustcheUSD/SFr1.10991.1108JP MorganUSD/NZD0.66770.6689HSBCSFr/NZD0.60430.6054

Do we have an arbitrage opportunity?

If so, starting with 2.5 million USD, how do we make profits and by how much?

Show your workings.

In your answer, keep 4 decimal places for exchange rate calculation.

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