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Are the dealer quotes shown in Exhibit 1 direct or indirect? If DM1,000,000 were sold spot, how many dollars would be received? When would settlement

Are the dealer quotes shown in Exhibit 1 direct or indirect? If DM1,000,000 were sold spot, how many dollars would be received? When would settlement normally take place? show work and explain

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Exhibit 1 Spot and Forward Exchange Rates 1 Month 3 Months Currency Sterlinga Spot 1.4890/00 6 Months 302/289 12 Months 560/523 55/52 160/156 Deutsche mark 2.0310/20 22/18 64/54 128/105 277/228 French Franc 6.6575/625 73/86 263/296 505/590 1194/1351 Yen 154.20/30 8/6 33/27 75/62 164/137 SDRA 1.2141/43 5/3 12/8 18/11 24/12 aU.S. dollars per unit of currency

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