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You are a trader in Tokyo in Japan and observe the following quotes on the trading screen for the Japanese Yen (JPY), Australian dollar (AUD),

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You are a trader in Tokyo in Japan and observe the following quotes on the trading screen for the Japanese Yen (JPY), Australian dollar (AUD), and US dollar (USD): AUD per USD (AUD/USD) 1.3618 1.3762 JPY per AUD (JPY/AUD) 77.95 78.78 JPY per USD (JPY/USD) 105.29 105.82 Suppose that you have 200,000 JPY in your trading account and interest rates are 0. Can you identify any positive arbitrage opportunities by using these quotes? Explain and show your working clearly and completely. Give your final answers in JPY

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