3. A five-year, 4 percent Euroyen bond sells at par. A comparable risk five-year,

5.5 percent yen/dollar dual-currency bond pays $833.44 at maturity. It sells for

*110,000. What is the implied /S exchange rate at maturity? Hint: The dual-

currency bond pays 5.5 percent on a notional value of 100,000, whereas the par

value of the bond is not necessarily equivalent to 100,000.