14) Which one of the following statements is the most accurate? A) Spot exchange rates are always higher than forward exchange rates. B) Spot exchange rates are always lower than forward exchange rates. C) Spot exchange rates and forward exchanges rates are always equal. D) Spot exchange rates and forward exchanges rates are equal when the value date and the date of the spot transaction are the same. E) None of the above 15) What is the expected dollar rate of return on euro deposits with today's exchange rate at $1.10 per euro, next year's expected exchange rate at S1.166 per euro, the dollar interest rate at 10 % , and the curo interest rate at 5% ? A) 10% B) 11% C)-1% D) 0% E) None of the above. 16) If the dollar interest rate is 10 percent and the euro interest rate is 6 percent, then A) an investor should invest only in dollars. B) an investor should invest only in euros C) an investor should be indifferent between dollars and euros. D) It is impossible to tell given the information. E) All of the above 17) In the beginning of 2009, you pay $100 for a share of stock that pays you a dividend of $1 at the beginning of 2010. If the stock price rises from S100 to $109 per share over the year A) then you have earned a rate of 5 percent over 2009 B) then you have earned a rate of I percent over 2009 C) then you have earned a rate of 9 percent over 2009. D) then you have earned a rate of 4 percent over 2009 E) then you have earned a rate of 10 percent over 2009