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Question: Around the Horn. Assuming the following quotes, calculate how a market trader at Citibank with $1,000,000 can make an intermarket arbitrage profit(IAP).

Citibank quotes U.S. dollar per pound                       $1.5900/£

National Westminster quotes euros per pound            $1.2000/£

Deutschebank quotes U.S. dollar per euro                 $0.7550/€

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