A. The ER is real/$ 10, or $1 buys 10 real. The change in the ER is what percentage wise, if at the end of the year the ER is r/$ 90, or 90 real buy $1? Show it in two ways. The one is real per dollars and the other is dollars per real.

B. The Nigerian nira versus the US dollar is 7 to 1, i.e., 7 nira buy one dollar. The ER between the Swiss franc and the US dollar is one to one. Finally, the nira trades 7.02 per one Swiss franc. What kind of triangular arbitrage will induce a profit for you? Assume you start with $1 million.