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Problem 5.10 Triangular Arbitrage Using the Swiss Franc The following exchange rates are available to you. (You can buy or sell at the stated rates.) Mt. Fuji Bank Mt. Rushmore Bank Mt Blanc Bank 92.00/$ SF1.02/$ 90.00/SF Assume you have an initial SF12,000,000. Can you make a profit via triangular arbitrage? If so, show the steps and calculate the amount of profit in Swiss francs. Assumptions Beginning funds in Swiss francs (SF) Mt. Fuji Bank (yen/$) Mt. Rushmore Bank (SF/S) Matterhorn Bank (yen/SF) Values 12,000,000.00 92.00 1.0200 90.00 Try Number 1: Start with SF to $ Step 1: SF to $ Step 2: $ to yen Step 3: yen to SF Profit? 11,764,705.88 1,082,352,941.18 12,026,143.79 26,143.79 A profit. Try Number 2: Start with SF to yen Step 1: SF to yen Step 2: yen to $ Step 3: $ to SF Profit? 1,080,000,000.00 11,739,130.43 11,973,913.04 (26,086.96) A loss