1.10 Blundell Biotech. Blundell Biotech is a U.S.-based b. If the same exchange rates were used for both biotechnology company with operations and earnyears-what is often called a "constant currency ings in a number of foreign countries. The company's basis" - was the change in corporate earnings on profits by subsidiary, in local currency (in millions), a constant currency basis? are shown in the following table for 2013 and 2014. c. Using the results of the constant currency analy- The average exchange rate for each year, by cursis in part b, is it possible to separate Blundell's rency pairs, was the following. Use this data to answer growth in earnings between local currency earnthe following questions. ings and foreign exchange rate impacts on a con- a. What were Blundell Biotech's consolidated profsolidated basis? its in U.S. dollars in 2013 and 2014