Currency Conversion with Bid-Ask Spreads 3. A foreign exchange dealer located in Chicago has the following spot quotes for buying/selling currencies - US Dollars, British Pounds, Euros and Japanese Yen. S(S/) S(S/E) S(/$) Bid 1.2232 1.3857 102.0408 Ask 1.2237 1.3862 107.5269 i. Which of the three quotes are presented as direct and which are presented as indirect? Present in a new table the dealer's Bid / Ask prices in the corresponding form for the three rates (translate direct Bid/Ask to indirect and vice versa). Round your answers to 4 digits past the decimal point (same as in the above table). ii. A global US based firm needs to convert their foreign currencies of 125 m, 65.4 m and 8,240 m into US dollars. How much is that is USD? Compute in millions and round your answer to the closest two decimal points. i An American business-man is expecting to conduct business in the UK, Germany and Japan. For his oversees business trip he will need 20,000, 12,000 and 1,000,000. How much USD does he need to convert with the Chicago dealer