Homework 1 on Triangular Arbitrage with Bid-Ask Spread S(E/E)-S (S/E)/S (s/e) Suppose Citibank's quote: $1.5445-1.5460 / Barclay's quote: $1.9443 -1.9453 / Dresdner's quote: 1.2789 1.2799/E Cross-rate between Citibank and Barclay should be 1.2589 E, compared to the actual Dresdner quote of1.2789 / Is triangular arbitrage possible if an investor starts with follows the following two strategies independently? 1 million and (a) Euros to Dollars to Pounds to Euros. (b) Euros to Pounds to Dollars to Euros. If there are arbitrage gains or losses in either case, how much