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The CC Co. is a beverage company based in the United State. The company owns or licenses and markets more than 100 non-alcoholic beverage brands, primarily sparkling beverages but also a variety of still beverages, such as waters, enhanced waters, juices and juice drinks, ready- to-drink teas and coffees, and energy and sports drinks. It owns and markets a range of non- alcoholic sparkling beverage brands. The Company's segments include Europe, Latin America, North America. The company is planning to expand into Country X, situated in Southeast Asia, by acquiring a group of stores. The exchange rate for Country X's currency is extremely volatile. Country X's currency is in X$. Inflation is currently 40% a year. Inflation in the US is 4%% a year. Best estimates of the inflation rates show these rates are likely to continue for the foreseeable future. The current exchange rate of X$ currency is US$0.8313 to X$1. The 12-month exchange rate is $0.8447 to X$1. The annual interest rate of X is 1.19% and the dollar annual interest rate is 2.63%. Required (in no more than 800 words) (a) Explain the concept of arbitrage profits and why such profits may be available. Show the relevant calculations of any arbitrage opportunity available in the case above