A firm has developed forecasts for the yen for each of the four quarters of a year.

Quarter Yen forecast Yen actual value Pound forecast Pound actual value

1 $.0050 $.0051 $1.50 $1.51

2 $.0048 $.0052 $1.53 $1.50

3 $.0053 $.0052 $1.55 $1.58

4 $.0055 $.0056 $1.49 $1.52

a- Calculate the mean absolute forecast errors in percentage terms over the four quarters for both the yen and the pound.

b. Which currency forecasts were more accurate?