4. The following spot FX rates were reported on October 25, 2013. Japanese Yen British Pound Australian

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4. The following spot FX rates were reported on October 25, 2013.

Japanese Yen British Pound Australian Dollar U.S. dollar 0.010267 1.616500 0.957900 Note: The exchange rates indicate the number of U.S. dollars necessary to purchase one unit of the foreign currency.

a. From the perspective of a U.S. investor, are the preceding FX rates direct or indirect quotations?

b. How much of each of the foreign currencies is needed to buy one U.S.

dollar?

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