a) Suppose that the Brazilian real devalues by 25% against the U.S. dollar. By how much will the dollar appreciate against the real? (5 points) b) Last month, EUR was worth JPY 122.176. Today, EUR is worth 119.084 JPY. Calculate JPY depreciation/aprreciation againts EUR? (5 points) c) Suppose you observe a spot exchange rate of $1.50/. If interest rates are 5% APR in the U.S. and 3% APR in the euro zone, what is the no-arbitrage 1-year forward rate? (5 points)