Magnetic Resonance Imaging has become nowadays an indispensable tool with applications ranging from medicine to material science. However, so far the physical limits of the maximum achievable experimental contrast were unknown. We introduce an approach based on principles of optimal control theory to explore these physical limits, providing a benchmark for numerically optimized robust pulse sequences which can take into account experimental imperfections. This approach is demonstrated experimentally using a model system of two spatially separated liquids corresponding to blood in its oxygenated and deoxygenated forms.

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