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7.17 If the direct price of the dollar is DM2.5 in 1990 Frankfurt and transaction costs were .4% of the amount transacted, then the minimum-maximum

7.17 If the direct price of the dollar is DM2.5 in 1990 Frankfurt and transaction costs were .4% of the amount transacted, then the minimum-maximum direct quotes for the DM in New York were:

a) $.3968-4032

b) $2.4800-2.5200

c) $.3984-.4016

d) $2.4900-2.5100

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