Use the data table to answer questions 9, 10, and 11:

	EURUSD Spot Quotes
	Bank		Bid		Ask
	Citibank		1.1930		1.1935
	HSBC		1.1935		1.1940
	JP Morgan Chase		1.1925		1.1930
	EURUSD 6-month Forward Quotes
	Bank		Bid		Ask
	Barclays Bank		1.1870		1.1875
	Royal Bank of Canada		1.1900		1.1905
6-month Interest Rates (annualized - simple interest)
Bank		Currency		Interest Rate
Bank of America		U.S. Dollar		0.50%
Deutsche Bank		Euro		1.50%

9) Given the above three spot quotations for EURUSD is there an opportunity for arbitrage in the spot market? If so, from which banks would you choose for which transactions? Assume that your transactions in this potential spot market arbitrage could be done in increments of EUR 1,000,000. What would the USD profit be?