Problem #$1$

Assume that you are planning a trip to Tokyo next week. You currently have $$6000$ cash and exchange the dollar

currency for Japanese Yen at XYZ Global Bank. The current bid for Japanese Yen is $109$ per $ and the ask rate is $106$ per

$$.$

What is the bid$/$ask spread?

What is the Yen value "purchased" upon the exchange?

Problem #$2$

Use the facts as the above problem. Assume that you have to suddenly cancel your trip. $10$ minutes after you exchange

your dollars for Yen, you return to XYZ Global Bank and exchange the Yen for U$.$S$.$ dollars.

What is the dollar value "purchased" upon the exchange?