CIP stands for covered interest parity.

According to CIP,

1. if i_$=5%, i_yen=10%, current exchange rate is 100 yen/$, then forward exchange rate would be ____ yen/$.

2. if i_$=5%, i_yen=10%, forward exchange rate is 100 yen/$, then current exchange rate is ____ yen/$.

3. if i_$=5%, current exchange rate is 110 yen/$, forward exchange rate is 100 yen/$, then i_yen= ____ %. (if your answer is 8%, you can put 8 in the blank, not 0.08).

4. US interest rate is i_$=20%.

An investor is indifferent between putting $ savings in US saving account, or converting their $ savings into euro, buy a DaVinci painting, hold on to the Painting for one year, sell it at the end of the year for euro, and convert euro back to $.

If the painting is expected to appreciate 15% over the next year, then euro is expected to appreciate ____% relative to $ over the same year.