You are working as a corporate treasurer and observe the following two exchange rates Citibank NYC $$1\mathrm{.}11018/$

Barclays London $ $1\mathrm{.}13439/$

a$.$ Explain how you could make an arbitrage $($risk$-$free$)$ profit using binary arbitrage.

b$.$ What is the total profit you could earn with $$2$ million of capital?

c$.$ List at least three reasons that this profit would likely not be truly available to you as

an investor?