Question: How large would transactions costs have to be as a percentage of the principal to make triangular arbitrage between the exchange rates S$/ = $0.9000/,

How large would transactions costs have to be as a percentage of the principal to make triangular arbitrage between the exchange rates S$/€ = $0.9000/€, S$/¥ = $0.009000/¥, and S¥/€ = ¥101.00/€ unprofitable?

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