John is interested in inter-bank arbitrage, that available to him and that he may either buy or sell at these rates. Citibank New York Bank. LO Frankfurt US dollars euro US dollars Euros O. 77495 0.67782'E (a) Does an opportunity exist to profit from arbitrage between thc three markets? In other words, is arbitrage Explain your answer, If John has USSI million to arbitrage With. What would be the result (profit or triangular arbitrage? Illustrate and explain your answer. and Show all workings. (IS marks) Suppose that due to extreme political and economic pressures (in early the government found it necessary to devalue thc Turkish lira by 25%, also. that tix day thc was exchange ratc was What Was thc exchange rate the Within three days the lira had moved to What was this from the pre.devaluation rate?