You are a U.S.-based treasurer with $1,000,000 to invest. The dollar-euro exchange rate is quoted as $1.60 = 1.00 and the dollar-pound exchange rate is quoted at $2.00 = 1.00. If a bank quotes you a cross rate of 1.00 = 1.20. Show how you can make a triangular arbitrage profit by trading at these prices. (Ignore bid-ask spreads for this problem.)