英文版羅斯公司理財(cái)習(xí)題答案chap020(編輯修改稿)
2025-01-04 22:00 本頁面
【文章內(nèi)容簡(jiǎn)介】 m. Basic1. Using the quotes from the table, we get: a. $50(€$1) = € b. $ c. €5M($€) = $6,353,240 d. New Zealand dollar e. Mexican peso f. ($1)($€1) = € This is a cross rate. g. The most valuable is the Kuwait dinar. The least valuable is the Indonesian rupiah. 2. a. You would prefer 163。100, since: (163。100)($.5359/163。1) = $ b. You would still prefer 163。100. Using the $/163。 exchange rate and the SF/163。 exchange rate to find the amount of Swiss francs 163。100 will buy, we get: (163。100)($163。1)(SF .8233) = SF c. Using the quotes in the book to find the SF/163。 cross rate, we find: (SF $1)($163。1) = SF 163。1 The 163。/SF exchange rate is the inverse of the SF/163。 exchange rate, so: 163。1/SF .4412 = 163。 3. a. F180 = 165。 (per $). The yen is selling at a premium because it is more expensive in the forward market than in the spot market ($ versus $). b. F90 = $163。. The pound is selling at a discount because it is less expensive in the forward market than in the spot market ($ versus $). c. The value of the dollar will fall relative to the yen, since it takes more dollars to buy one yen in the future than it does today. The value of the dollar will rise relative to the pound, because it will take fewer dollars to buy one pound in the future than it does today.4. a. The . dollar, since one Canadian dollar will buy: (Can$1)/(Can$$1) = $ b. The cost in . dollars is: (Can$)/(Can$$1) = $ Among the reasons that absolute PPP doesn’t hold are tariffs and other barriers to trade, transactions costs, taxes, and different tastes. c. The . dollar is selling at a discount, because it is less expensive in the forward market than in the spot market (Can$ versus Can$). d. The Canadian dollar is expected to appreciate in value relative to the dollar, because it takes fewer Canadian dollars to buy one . dollar in the future than it does today. e. Interest rates in the United States are probably higher than they are in Canada.5. a. The cross rate in 165。/163。 terms is: (165。115/$1)($163。1) = 165。163。1 b. The yen is quoted too low relative to the pound. Take out a loan for $1 and buy 165。115. Use the 165。115 to purchase pounds at the crossrate, which will give you: 165。115(163。1/165。185) = 163。 Use the pounds to buy back dollars and repay the loan. The cost to repay the loan will be: 163。($163。1) = $ You arbitrage profit is $ per dollar used. 6. We can rearrange the interest rate parity condition to answer this question. The equation we will use is: RFC = (FT – S0)/S0 + RUS Using this relationship, we find: Great Britain: RFC = (163。 – 163。)/163。 + .038 = % Japan: RFC = (165。 – 165。)/165。 + .038 = % Switzerland: RFC = (SFr – SFr )/SFr + .038 = %7. If we invest in the . for the next three months, we will have: $30M()3 = $30,406, If we invest in Great Britain, we must exchange the dollars today for pounds, and exchange the pounds for dollars in three months. After making these transactions, the dollar amount
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