Use the following information to answer the next two questions.

Suppose you see the following quotes for pounds at three banks.

Bank X:$1.255-65

Bank Y:$1.245-59

Bank Z:$1.258-61

Find the locational arbitrage profit available to someone with access to $1,000,000

9638.55

0

1593.63

3182.18

Please show work

The ask quote at Bank Y must increase to prevent the arbitrage opportunity found in the previous question.

True

False