1. Obtain from the web the exchange rate data for the Euro per US dollar, Yen per US dollar, and Yen per Euro exchange rate for March 15, 2024. Show how you can use the triangular equality to compute the Yen per Euro exchange rate given data on Euro per USD and Yen per USD exchange rates. Compare the cross-rate obtained using the triangular equality with the actual Yen per Euro daily exchange rate. Does the triangular equality hold in the data? 2. Download the monthly Turkish Lira per US dollar exchange rate, EL/s,t, for every month t between 5/2022 and 3/2024. These data can be found in this link. What is the standard deviation of the monthly log growth rates of EL/st in this time period. To calculate the standard deviation, first calculate the monthly logathmic growth rates of the exchange rate (i.e. In (EL/s,t/EL/$,t-1) between months and then calculate the standard deviation of these series. How does it compare with the standard deviation of the monthly log growth rate of Euro per US dollar exchange rate EEUR/s,t in this same period? Based on these data, what do you conclude about the volatility of exchange rates in emerging markets versus those in advanced economies? = = 3.71, 3. Consider the following exchange rate quotes: Israeli Shekel per U.S. dollar Canadian dollar per U.S. dollar 1.35, and Canadian dollar per Israeli Shekel = 0.3. Ignoring transaction costs, is there an arbitrage opportunity based on these quotes? If there is an arbitrage opportunity, what steps would you take to make an arbitrage profit, and how would you profit if you have $2,000,000 available for this purpose?