You are a U.S.-based treasurer with $1,000,000 to invest. The dollar-euro exchange rate is quoted as $1.12 = 1.00 and the dollar-pound exchange rate is quoted at $1.28 = 1.00. If a bank quotes you a cross rate of 1.00 = 1.16, you should _________.

Sell USD ($) and buy Euro ()

Sell Euro () to buy GBP ()

Sell GBP () and buy Euro ()

Sell GBP () and buy USD ($)