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QUESTION
2. Suppose you observe the following exchange rates: 100/$, RMB7/$, and 10/RMB. What's the cross rate between RMB and $?
2. Suppose you observe the following exchange rates: ¥100/$, RMB7/$, and ¥ 10/RMB. What’s the cross rate between RMB and $? If you invest $1,000, how much is your triangular arbitrage profit or loss?
