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solution

You are a U.S.-based treasurer with $1,000,000 to invest. The dollar-euro exchange rate is quoted as 1.50$/€ and the dollar-pound exchange rate is quoted at 2.10$/£. If a bank quotes you a cross rate of 1.53€/£, how can you make money? [Hint: This is a difficult question, so you may want to come back to this question later if you are running out of time.]

buy £ at €1.53/£, then buy € at $1.50/€, then buy $ at $2.10/£.

buy € at $1.50/€, then buy £ at €1.53/£, then buy $ at $2.10/£.

buy $ at $1.50/€, then buy £ at $2.10/£, then buy € at €1.53/£.

buy £ at $2.10/£, then buy € at €1.53/£, then buy $ at $1.50/€.

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