You observe the following quotes for the Indian Rupee (INR) and the Chinese Yuan (CNY):

INR 46.6100/$ INR 46.6200/$

CNY 8.2270/$ CNY 8.3500/$

You also observe the following cross-quotes for direct trading of rupees and yuan:

INR 5.5225/CNY - INR 5.5250/CNY

If there is an arbitrage opportunity, calculate the roundtrip profit that starts with $1 million.

a. $25,428

b. $10,323

c. $25,648

d. $10,781 Explain the working out