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1 ) Suppose an investor observes the following spot quotes from the bank ( assume the bid - ask spread is zero here ) :Yen

1)Suppose an investor observes the following spot quotes from the bank (assume the bid-ask spread is zero here):Yen/$ =115.86/$Thai Baht/$ = TB 42.67/$ Yen/Bhat = Yen 2.68/Baht

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