1. From Jan 2008 to Jan 2009 the Japanese yen to U. S. dollar exchange rate decreased from 107.81 yen per dollar to 90.12 yen per dollar. Which one of the following statements describes this change?

A. U. S. dollar appreciated against the yen by approximately 16%.

B. U. S. dollar appreciated against the yen by approximately 19%

C. U. S. dollar depreciated against the yen by approximately 19%.

D. U. S. dollar depreciated against the yen by approximately 16%.

2. The Australian dollar increased from US $ 0.66 to US $ 1.03 per Australian dollar over the four year period of Feb 2009 to Feb 2013. What is the annualized rate of appreciation?

A. Approximately 8% per annum

B.Apprximately 10% per annum

C.Approximately 12 % per annum

D. Approximately 14% per annum

3. From Jan 2008 to Jan 2009 the Japanese yen to U. S. dollar exchange rate decreased from 107.81 yen per dollar to 90.12 yen per dollar. A U. S. based investor buys a one year yen denominated bond for $2,000 in Jan 2008. One year later the bond provides 1% rate of return in yen. What is the rate of return in dollars?

A.17.57%

B.8.92%

C. -7.92%

D. -16.57%

4. A bank quotes $1.30 per pound for a spot transaction and 1.31 for a one month forward transaction. The payment for the forward contract takes place:

Today

One month later

5. The euro to dollar changed from 1.38 dollars per euro in Feb 2014 to 1.13 dollars per euro in Fen 2019. What is the approximate annualized rate of depreciation over this five year period?

A. 4% per annum

B. 5% per annum

C. 6% per annum

D. 7% per annum