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13 and Q14 are linked. Q13: Today is November 16th 2023. You are Chief Economist at Morgan Stanley, a Wall Street investment bank. On November

13 and Q14 are linked. Q13: Today is November 16th 2023. You are Chief Economist at Morgan Stanley, a Wall Street investment bank. On November 16th 2022 (EXACTLY ONE YEAR AGO), the (nominal) spot exchange rate for the number of SAR (South African Rand) per USD was 22.0500. Today, on November 16th 2023, the (nominal) spot exchange rate for the number of SAR (South African Rand) per USD is 23.1000. Between November 16th 2022 and November 16th 2023, the inflation rate in South Africa was 10.0%, while over the same period, in the US, the inflation rate was 5.0%. Assume that the real exchange rate on November 16th 2022 was normalized to be 22.0500 (i.e., the same as the (nominal) exchange rate). Q 13: Compute the real (REPEAT REAL) exchange for the number of SAR (South African Rand) per USD on November 16th 2023. Enter your answer to 4 decimal places. Don't worry if Canvas appears not to accept the answer to 4 decimal places (it does internally even if, for example, only one or two decimal places get "displayed")

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