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A contract for 3000 pens with a Japanese company with three deliveries of 1000 pens. A time triggered currency clause is agreed to with reviews

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A contract for 3000 pens with a Japanese company with three deliveries of 1000 pens. A time triggered currency clause is agreed to with reviews to be made quarterly. The base exchange rate is 100 yen per dollar +/4%. Adjustment review dates are April 1, July 1, and October 1. April 1: Yen appreciates to 95 yen per dollar. What will happen? July 1: Yen moves to 99 yen per dollar. What will happen? October 1: Yen depreciates to 106 yen per dollar. What will happen? A contract for 3000 pens with a Japanese company with three deliveries of 1000 pens. A time triggered currency clause is agreed to with reviews to be made quarterly. The base exchange rate is 100 yen per dollar +/4%. Adjustment review dates are April 1, July 1, and October 1. April 1: Yen appreciates to 95 yen per dollar. What will happen? July 1: Yen moves to 99 yen per dollar. What will happen? October 1: Yen depreciates to 106 yen per dollar. What will happen

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