You own $10,000. The dollar spot rate in Tokyo is 216.6743. The yen rate in New York is given in the preceding table. Are arbitrage profits possible? Set up an arbitrage scheme with your capital. What is the gain (loss) in dollars?

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COUNTRY CONTRACT S/FOREIGN CURRENCY Canada-dollar Spot 0.8437 30-day 0.8417 90-day 0.8395 Japan-yen Spot 0.004684 30-day 0.004717 90-day 0.004781 Switzerland-franc Spot 0.5139 30-day 0.5169 90-day 0.5315