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Hamilton & Jacobs (H&J) is a global investment company, providing start-up capital to promising new ventures around the world. Due to the nature of its

Hamilton & Jacobs (H&J) is a global investment company, providing start-up capital to promising new ventures around the world. Due to the nature of its business, H&J holds funds in a variety of countries and converts between currencies as needs arise in different parts of the world. Several months ago, the company moved $16 million into Japanese yen (JPY) when one U.S. dollar (USD) was worth 75 yen. Since that time, the value of the dollar has fallen sharply, where it now requires almost 110 yen to purchase 1 dollar.

Besides its holdings of yen, H&J also currently owns 6 million European EUROs and 30 million Swiss Francs (CHF). H&J's chief economic forecaster is predicting that all of the currencies it is presently holding will continue to gain strength against the dollar for the rest of the year. As a result, the company would like to convert all its surplus currency holdings back to U.S. dollars until the economic picture improves.

The bank H&J uses for currency conversions charges different transaction fees for converting between various currencies. The following table summarizes the transaction fess (expressed as a percentage of the amount converted) for US dollars (USD), Australian dollars (AUD), British pounds (GBP), European Euros (EURO), Indian Rupees (INR), Japanese yen (JPY), Singapore dollars (SGD), and Swiss Francs (CHF).

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