1. Given below are a set of foreign exchange quotes for several currencies against the Australian dollar as of May 15, 2019 AUSTRALIAN DOLLAR EXCHANGE RATES sell/buy well/buy US, dollar .......... 0.6926/0.6926 Norway, krone ........ 6.0507/6.0631 UK, pound............ 0.5366/0.5369 Pakistan, rupee ....... 97.9/98.38 Europe, EUTO ..... ..... 0.6178/0.6182 Papua NG, kind....... 2.2745/2.4097 Brunel, dellsf ......... 0.9475/0.948 hilippines, peso ..... 36.223/36.254 Canada, dollar ...... 0.9329/0.9333 di Arabia, ryl ...... 2.5973/2.5901 China, yuan Renminbi 4.7528/4.7509 pore, dollar .... 0.9477/0.9483 Denmark, kroner ...... 4.6139/4.6159 on Is, dollar ... 5.3841/5.7564 Fuji, dollar .............. 1,4708/1.5263 SAfrica, rand....... 9.8693/9.8766 Fr Pacific, franc ...... 73.31/73.96 Sri Lanka, rupod ... 121.967/122.21 Hong Kong, dollar .... 5,4357/5.4385 Sweden, krona ... 6 656/6.66 India, rupee ......... 48.628/48.648 Switzerland, franc ... 0.6979/0.6984 Indonesia, rupiah .....10004.61/10010.96 Thailand, baht......... 21.87/21.89 Japan, Yen......make 75.93/76.96 -Tonga, parangd ... 1.516/1.642 Malaysia, ringgit ...... 2.8892/2.8921 WSamoa, tala........ 1.771/1.682 N Zealand, dollar .... 1.0548/1.0556 Gold -10z ....... 1869.74/1868.09 Source: Thomson Reuters - May 15, 2019 (a) Are these direct or indirect quotes from the perspective of an Australian resident? (1 mark) (b) What are the direct quotes for the following currencies with respect to the Australian dollar? (i US dollar (ii) Chinese Renminbi (iii) Indian rupee (iv) New Zealand dollar (v) Swiss Franc (5 marks) (c) Calculate the bid-ask spread for the following currencies: (i) UK pound (ii) Fiji dollar (iii) Singapore dollar (iv) Papua New Guinea kina (v) Sri Lanka rupee (10 marks) (d) On May 15, 2019, you receive 100,000 RMB. Using the rates in the above chart how many AUD will you receive upon conversion? (e) On May 15, 2019, you want to buy 1,000,000 THB. Using the rates in the above chart how (2 marks) many AUD will you require for the purchase? (2 marks) (20 marks)