You have $43,000 and observe the following exchange rates:

Exchange rate	Bid	Ask
Value of euro in U.S. dollars	$1.15	$1.16
Value of Swiss franc in U.S. dollars	$1	$1.01
Value of euro in Swiss francs	CHF1.1	CHF1.11

1. Is there an arbitrage opportunity? If so, what should you do to exploit it?

- Yes: buy Swiss francs with euros

- No

- Yes: buy euros with Swiss francs

2. What is your profit from exploiting the opportunity once (in $)?