EXERCISE 14 Considering open economies, and these nominal interest rates for Spain: 4,03%, USA: 5,25%, and Japan: 6,10%, calculate: a) Spot Exchange rate variation ($/euro and euro/yen) b) Forecasted inflation rate in USA if in Japan is 2,5% If forecasted inflation rate in Spain is 50% than in Japan, and considering nominal interest rates in Spain: 4,03% and in Japan: 6,10%, calculate: c) Forecasted inflation rate in Spain d) Real interest rate in each country e) % of appreciation or depreciation in each currency