You need to purchase 1,000,000,000 JPY using USD to pay for an import transaction.  Assume that you need to purchase the currency from a bank. Conduct research on the  exchange rates quoted by different banks and decide  on the bank that you will transact with. Explain the rationale for your selection?

Provide  detailed calculations of the amount of USD needed to pay for the exchange transaction. You  should provide a screenshot of the banks' exchange rates for reference?

ii) Explain the reasons (with academic evidence and justification) the concept of arbitrage  and how it creates a more efficient financial system? You are welcome to use the data  gathered in part (i) of question 2 to support your arguments?