PROBLME 1 Global Investment Fund (GIF) est une socit internationale d'investissement, qui fournit du capital de...
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PROBLME 1 Global Investment Fund (GIF) est une socit internationale d'investissement, qui fournit du capital de dmarrage de nouveaux projets travers le monde. En raison de la nature de son activit, GIF dtient des fonds dans de nombreux pays et effectue des oprations de conversion entre monnaies en fonction de ses besoins dans les diffrentes rgions du monde. Outre ses avoirs en yens, GIF dtient prsentement 6 millions d'euros (EUR), 1 200 millions de yen japonais (JPY) et 30 millions de francs suisses (CHF). Pour diverses raisons, fiscales notamment, GIF souhaite reconvertir ses avoirs en devises trangres en dollar US. La banque, que la socit GIF utilise pour ses conversions de devises, charge diffrents frais de transaction pour la conversion entre diffrentes devises. La Table 1.1 indique les frais de transaction (exprim en pourcentage du montant converti) pour les dollars US (USD), les dollars australiens (AUD), les livres sterling (GBP), les euros (EUR), les roupies indiennes (INR), les yens japonais (JPY), les dollars de Singapour (SGD) et les francs suisses (CHF). De/ USD USD AUD 0.10% AUD GBP EUR 0.10% 0.50% 0.70% 0.40% 0.50% 0.70% Table 1.1: Frais de transaction GBP EUR INR JPY SGD CHF 0.50% 0.40% 0.40% 0.40% 0.25% 0.50% 0.70% 0.50% 0.30% 0.30% 0.75% 0.75% 0.70% 0.70% 0.40% 0.45% 0.50% 0.05% 0.10 % 0.10% 0.10% INR 0.40% 0.30% 0.70% 0.05% 0.20% 0.10% 0.10% JPY 0.40% 0.30 % 0.40% 0.10 % 0.20% 0.05% 0.50% SGD 0.25% 0.75% 0.45% 0.10% 0.10 % 0.05% - 0.50% CHF 0.50% 0.75% 0.50% 0.10 % 0.10 % 0.50% 0.50% Parce que cela cote des montants diffrents pour convertir entre les diffrentes monnaies, GIF pense que la conversion directe de ses devises trangres en dollars US peut ne pas tre la meilleure stratgie. Au lieu de cela, il pourrait tre moins coteux de convertir les devises que la socit dtient en des monnaies intermdiaires avant de procder la conversion en dollars US. La Table 1.2 indique les taux de change pour la conversion d'une monnaie une autre. Table 1.2: Taux de change De/ A USD AUD GBP EUR INR USD 1 SGD CHF 1.44283 0.81705 0.95100 77.39545 129.89457 1.38967 0.99395 JPY 1 AUD 0.69308 1 0.56638 0.65940 53.64540 90.09036 0.96384 0.68923 GBP 1.22392 1.76560 1.16435 94.74980 159.12287 1.70232 1.21722 EUR 1.05152 1.51653 0.85885 1 81.37140 136.64631 1.46193 1.04524 INR 0.01292 0.01864 0.01055 0.01229 1 1.67959 JPY 0.00770 0.01110 0.00628 0.00732 0.59538 1 SGD 0.71960 1.03752 0.58743 0.68403 55.64830 93.54537 CHF 1.00609 1.45089 0.82154 0.95672 77.82101 130.71895 1.39856 0.01797 0.01285 0.01069 0.00765 1 0.71502 1 Page 1 de 4 Cette table indique, par exemple, qu'un yen japonais peut tre converti en 0.0077 dollar US. Donc 100 000 yens donneraient 770 $ US. Cependant, les frais de transaction de 0.4% perus par la banque rduiraient le montant net reu 770 $ x (1-0.004)=766.92 $. GIF aimerait donc dterminer la meilleure faon de convertir la totalit de ses avoirs en devises trangres en dollars US. PROBLME 1 Global Investment Fund (GIF) est une socit internationale d'investissement, qui fournit du capital de dmarrage de nouveaux projets travers le monde. En raison de la nature de son activit, GIF dtient des fonds dans de nombreux pays et effectue des oprations de conversion entre monnaies en fonction de ses besoins dans les diffrentes rgions du monde. Outre ses avoirs en yens, GIF dtient prsentement 6 millions d'euros (EUR), 1 200 millions de yen japonais (JPY) et 30 millions de francs suisses (CHF). Pour diverses raisons, fiscales notamment, GIF souhaite reconvertir ses avoirs en devises trangres en dollar US. La banque, que la socit GIF utilise pour ses conversions de devises, charge diffrents frais de transaction pour la conversion entre diffrentes devises. La Table 1.1 indique les frais de transaction (exprim en pourcentage du montant converti) pour les dollars US (USD), les dollars australiens (AUD), les livres sterling (GBP), les euros (EUR), les roupies indiennes (INR), les yens japonais (JPY), les dollars de Singapour (SGD) et les francs suisses (CHF). De/ USD USD AUD 0.10% AUD GBP EUR 0.10% 0.50% 0.70% 0.40% 0.50% 0.70% Table 1.1: Frais de transaction GBP EUR INR JPY SGD CHF 0.50% 0.40% 0.40% 0.40% 0.25% 0.50% 0.70% 0.50% 0.30% 0.30% 0.75% 0.75% 0.70% 0.70% 0.40% 0.45% 0.50% 0.05% 0.10 % 0.10% 0.10% INR 0.40% 0.30% 0.70% 0.05% 0.20% 0.10% 0.10% JPY 0.40% 0.30 % 0.40% 0.10 % 0.20% 0.05% 0.50% SGD 0.25% 0.75% 0.45% 0.10% 0.10 % 0.05% - 0.50% CHF 0.50% 0.75% 0.50% 0.10 % 0.10 % 0.50% 0.50% Parce que cela cote des montants diffrents pour convertir entre les diffrentes monnaies, GIF pense que la conversion directe de ses devises trangres en dollars US peut ne pas tre la meilleure stratgie. Au lieu de cela, il pourrait tre moins coteux de convertir les devises que la socit dtient en des monnaies intermdiaires avant de procder la conversion en dollars US. La Table 1.2 indique les taux de change pour la conversion d'une monnaie une autre. Table 1.2: Taux de change De/ A USD AUD GBP EUR INR USD 1 SGD CHF 1.44283 0.81705 0.95100 77.39545 129.89457 1.38967 0.99395 JPY 1 AUD 0.69308 1 0.56638 0.65940 53.64540 90.09036 0.96384 0.68923 GBP 1.22392 1.76560 1.16435 94.74980 159.12287 1.70232 1.21722 EUR 1.05152 1.51653 0.85885 1 81.37140 136.64631 1.46193 1.04524 INR 0.01292 0.01864 0.01055 0.01229 1 1.67959 JPY 0.00770 0.01110 0.00628 0.00732 0.59538 1 SGD 0.71960 1.03752 0.58743 0.68403 55.64830 93.54537 CHF 1.00609 1.45089 0.82154 0.95672 77.82101 130.71895 1.39856 0.01797 0.01285 0.01069 0.00765 1 0.71502 1 Page 1 de 4 Cette table indique, par exemple, qu'un yen japonais peut tre converti en 0.0077 dollar US. Donc 100 000 yens donneraient 770 $ US. Cependant, les frais de transaction de 0.4% perus par la banque rduiraient le montant net reu 770 $ x (1-0.004)=766.92 $. GIF aimerait donc dterminer la meilleure faon de convertir la totalit de ses avoirs en devises trangres en dollars US.
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