Question: 16. A French institutional investor wishes to decrease its exposure to Taiwan. It is interested in selling 20,000 shares of a particular Taiwanese firm that

16. A French institutional investor wishes to decrease its exposure to Taiwan. It is interested in selling 20,000 shares of a particular Taiwanese firm that is currently in its portfolio. This firm trades on the Taiwan Stock Exchange. A Taiwan-based broker quotes the Taiwan dollar (TW$) price of the shares of this firm as 150.35-150.75, with a commis- sion of 0.10 percent of the transaction value. The Taiwan Stock Exchange charges a tax of 0.30 percent of the value traded from the seller. A bank is quoting the TWS to ex- change rate as 32.8675-32.8800. How many euros will the French institutional investor receive on selling the shares?

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