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You visited the foreign exchange trading room of a major bank when a trader asked...

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Finance

You visited the foreign exchange trading room of a major bank when a trader asked for quotes of the Japanese yen from various correspondents and heard of the following:

$: quoted by JM Morgan: 102.30102.35.

$: quoted by CitiBank: 102.25112.30.

$: quoted by Wells Fargo: 102.35102.40.

Given the above rates, is there an arbitrage opportunity assuming no transaction costs? How are you going to exploit this arbitrage opportunity?

($: quoted by CitiBank may be: 102.25102.30, but the professor didn't make any adjustment yet. So please leaves answer for each variable)

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