(b)
Suppose in New York the pound and Swiss franc trade at the following exchange rates: 0.6574
$/, and 0.9454 $/CHF. In London, the pound equivalent rate of the Swiss franc is 1.5080 /CHF.
Find the profit to be made on $1,000,000. Show all your calculation and drop the decimal points
except for the exchange rate.
(10 marks)
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