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1、Chapter4Answer:C($0.73–$0.69)/$0.69=5.80%1.ThevalueoftheAustraliandollar(A$)todayis$0.73.Yesterday,thevalueoftheAustraliandollarwas$0.69.TheAustraliandollar_______by_______%.A)depreciated;5.80B)depreciated;4.00C)appreciated;5.80D)appreciated;4.00Answer:C2.Ifacurrency’sspot
2、ratemarketis_______,itsexchangerateislikelytobe_______toasinglelargepurchaseorsaletransaction.A)liquid;highlysensitiveB)illiquid;insensitiveC)illiquid;highlysensitiveD)noneoftheseAnswer:E3._______isnotafactorthatcausescurrencysupplyanddemandschedulestochange.A)Relativeinfl
3、ationratesB)RelativeinterestratesC)RelativeincomelevelsD)ExpectationsE)Allofthesearefactorsthatcausecurrencysupplyanddemandschedulestochange.Answer:B4.AlargeincreaseintheincomelevelinMexicoalongwithnogrowthintheU.S.incomelevelisnormallyexpectedtocause(assumingnochangeinint
4、erestratesorotherfactors)a(n)_______inMexicandemandforU.S.goods,andtheMexicanpesoshould_______.A)increase;appreciateB)increase;depreciateC)decrease;depreciateD)decrease;appreciateAnswer:A5.AnincreaseinU.S.interestratesrelativetoGermaninterestrateswouldlikely_______theU.S.d
5、emandforeurosand_______thesupplyofeurosforsale.A)reduce;increaseB)increase;reduceC)reduce;reduceD)increase;increaseAnswer:E6.BaylorBankbelievestheNewZealanddollarwillappreciateoverthenextfivedaysfrom$.48to$.50.Thefollowingannualinterestratesapply:CurrencyLending RateBorrow
6、ing RateDollars7.10%7.50%NewZealanddollar(NZ$)6.80%7.25%BaylorBankhasthecapacitytoborroweitherNZ$10millionor$5million.IfBaylorBank’sforecastifcorrect,whatwillitsdollarprofitbefromspeculationoverthefivedayperiod(assumingitdoesnotuseanyofitsexistingconsumerdepositstocapitali
7、zeonitsexpectations)?Dailyinterestrateis1/360oftheannualrate.A)$521,325.B)$500,520.C)$104,262.D)$413,419.E)$208,044.1.Borrow$5million.2.ConverttoNZ$:$5,000,000/$.48=NZ$10,416,667.3.InvesttheNZ$atanannualizedrateof6.80%overfivedays.NZ$10,416,667×[1+6.80%(5/360)]=NZ$10,426,5
8、054.ConverttheNZ$backtodollars:NZ$10,426,505×$.50=$5,213,2525.Repaythedollarsborrowed.The
