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What is arbitrage? Explain the arbitrage opportunity when the price of a dually listed mining company stock is $50 (USD) on the New York Stock

What is arbitrage? Explain the arbitrage opportunity when the price of a dually listed mining company stock is $50 (USD) on the New York Stock Exchange and $60 (CAD) on the Toronto Stock Exchange. Assume that the exchange rate is such that 1 U.S. dollar equals 1.21 Canadian dollars. Explain what is likely to happen to prices as traders take advantage of this opportunity.

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