Complete Exercise 3 at the end of Chapter 11 in your textbook. Your submission should be approximately two to three pages in length.

As one of your first assignments as a new hire on the corporate treasurer's staff of Global Enterprises, Ltd., you are asked to create exchange rate forecast for the Zonolian ecru (ZOE). Specifically, you are expected to forecast what the spot rate for the ecru is likely to be at the end of 2011. Selected information on which to base your forecast follows. Be sure to identify any additional bases underlying your forecast and any assumptions.