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Assume the following information : Spot : USD / JPY 105-106 U.S. dollar depositing rate : 6 % U.S. dollar borrowing rate : 6.5 %

Assume the following information : Spot : USD / JPY 105-106 U.S. dollar depositing rate : 6 % U.S. dollar borrowing rate : 6.5 % Japanese Yen depositing rate : 3 % Japanese Yen borrowing rate : 3.25 % a . An American exporter will receive JPY - denominated payment in one year . What will be the number of JPY it will have to deliver to bank in exchange for each dollar he / she will receive

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