a. A five-year, 5.0 percent Euroyen bond sells at par. A comparable risk five-year, 6.5 percent yen/dollar dual-currency bond pays $846.33 at maturity. It sells for 110,000. What is the implied /$ exchange rate at maturity? Hint: The dual-currency bond pays 6.5 percent on a notional value of 100,000, whereas the par value of the bond is not necessarily equivalent to 100,000. (Do not round intermediate calculations. Round your answer to 3 decimal places.)

b. Consider 8.7 percent Swiss franc/U.S. dollar dual-currency bonds that pay $666.67 at maturity per SF1,000 of par value. It sells at par. In dollars, what is the implicit SF/$ exchange rate at maturity? Will the investor be better or worse off at maturity if the actual SF/$ exchange rate is SF1.37/$1.00? (Do not round intermediate calculations. Round your answer to 2 decimal places.)