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An United States arbitrageur got the following quotes:
New York: £1 = $1.6895
Euro 1 = $1.1797
Frankfurt: £1 = Euro 1.4629
Do you see any arbitrage opportunities? If so:
(a) What transactions should the United States arbitrageur undertake?
(b) What would be the arbitrageur's profit in dollars per dollar transacted?

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