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9. Suppose that 3-month interest rates (annualized) in Japan and the United States are 4% and 6%. respectively. If the spot rate is 112 per

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9. Suppose that 3-month interest rates (annualized) in Japan and the United States are 4% and 6%. respectively. If the spot rate is 112 per $1 and the 90-day forward rate is 108 per $1, where would you invest? Where would you borrow? (6%)

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