The Yen/dollar Exchange Rate Is ×120 = $1 in London

Question 51
Multiple Choice

The yen/dollar exchange rate is ×120 = $1 in London and ×123 = $1 in New York at the same time.What is the net profit if a dealer takes $1,000,000 to purchase ×123,000,000 in New York and engages in arbitrage by selling it in London? A)$34,000 B)$20,390 C)$25,000 D)$46,666 E)$39,454