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14 Q2: On a particular day at 11.00 a.m., the USD/CHF spot quote obtained from a bank is: 1.6225/35 (a) Explain this quotation. (b) Compute the implied inverse quote CHF/USD. (c) Another bank quoted CHF/USD 0.6154/59. Is there an arbitrage opportunity? If so, how would it work?

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