Question: Problem Set 1 (1 point for each sub -question ), due on Monday March 18. TURN IN ONE PDF FILE PER STUDENT , PLUS ONE

Problem Set 1 (1 point for each sub -question ), due on Monday March 18. TURN IN ONE PDF FILE PER STUDENT , PLUS ONE EXCEL FILE FOR QUESTIONS 4-5. Unless specified , the quotes are in "trader convention ," i.e. EUR /USD refers to the number of USD per EUR 1. (1) Use the exchange rate table below to answer the questions . All rates are against USD USD is CCY2 for GBP and EUR but is CCY1 for all other currencies Currency Last Day High Day Low % Change Bid Ask EUR/USD - 1.2283 1.2321 1.2275 - -0.22% 1.2283 1.2285 GBP/USD 1.3830 1.3847 1.3789 * +0.14% 1.3830 1.3835 USDIJPY * 106.89 107.04 106.17 * +0.65% 106.89 106.93 USD/CHF * 0.95140 0.95330 0.94950 * +0.04% 0.95140 0.95180 USD/CAD - 1.2863 1.2908 1.2825 - -0.24% 1.2863 1.2867 AUD/USD * 0.78000 0.78210 0.77780 * +0.14% 0.78000 0.78050 a. What are the closing bid and offer rates for USD /CHF ? ANSWER: Bid Offer (in terms of number of CHF per USD 1)

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