a$.$ Calculating the NPV in ZAR using the ZAR equivalent cost of capital according to the Fisher effect and then converting to USD at the current spot rate.

b$.$ Converting all cash flows from ZAR to USD at purchasing power parity forecasted exchange rates and then calculating the NPV at the dollar cost of capital.

c$.$ Are the two USD NPVs different or the same?

d$.$ What is the NPV in dollars if the actual pattern of ZAR per USD exchange rates is: $S(0)=3\mathrm{.}75,S(1)=5\mathrm{.}7,S(2)=$

$6\mathrm{.}2,S(3)=7\mathrm{.}2,S(4)=6\mathrm{.}9,$ and $S(5)=7\mathrm{.}2?$