The Market for Foreign Exchange The following quotations are available to you. You may either buy or sell at the stated rates) Won 710 00/S$ Singapore bank: Singapore dollar quote for Korean won Hong Kong Bank HK$ quote for Singaporean dollars HK$4.70/S$ Won 150.00/HK$ Korean bank Korean won quote for Hong Kong dollar Assume that you have an initial S$500,000. Is triangular arbitrage possible?