13.

Suppose the Japanese yen exchange rate is 78 = $1, and the British pound exchange rate is 1 = $1.57.

a.

What is the cross-rate in terms of yen per pound? (Do not round intermediate calculations and round your answer to 2 decimal places, e.g., 32.16.)

b.	Suppose the cross-rate is 127 = 1. What is the arbitrage profit per dollar used? (Do not round intermediate calculations and round your answer to 4 decimal places, e.g., 32.1616.)