7) A U.S. investor can either buy a U.S. bond, or an Australian bond. The U.S. bond pays an interest rate of 15% and the Australian bond pays 5%. If the current exchange rate is Et = 1.5 and the future exchange rate is Et+1 = 1.3, then which investment gives the investor a higher future value? 8) Suppose the Federal Reserve Bank sells $100 in securities to a commercial bank. Then reserves by $100 and the monetary base by $100. 9) An investor has $450 to invest, either here in the US, or in England. In the US, the interest rate is 4.5% and in England it is 7.8%. The future expected echange rate is Et+1 = 1.21. If the investor claims that the two future values from investing in the US and England are the same, this implies that the current exchange rate must be