Mikhail's Dilemma. Mikhail Khodorkovsky was one of the infamous Russian oligarchs, accumulating billions of dollars in wealth in themid-1990s with the fall of the Soviet Union. But in 2003 he had been imprisoned by the Russian state for a decade. Upon his release from prison in 2013, he had taken up residence in

Switzerlandwith

his money. In November 2014, Mikhail held a portfolio of

USD206

million and

CHF160

million in Swiss banks, in addition to accounts in Russia still holding

RUB1.1

billion. Using the exchange rate table

, answer the following:

a. What is the value of Mikhail's portfolio measured in Russian rubles?

b. What is the value of Mikhail's portfolio measured in Swiss francs?

c. What is the value of Mikhail's portfolio measured in U.S. dollars?

d. Which currency demonstrated the greatest fluctuations in total value over the six dates?

Exchange rate table

Russo-Swiss

Cross2015

Switzerland has long served as a cornerstone of banking conservatism and a safe port in a world of currency storms. Swiss banks had long been used by investors from all over the world as financially secure institutions that would preserve the depositor's wealth with confidentiality. A large part of the security offered was the Swiss franc itself. Russian citizens of wealth had used Swiss banks heavily in recent years as a place where they could shelter their capital from politics, both inside Russia and the outside (EU andUS) world. But beginning in the fall of 2014 the Russian ruble's value began to slide against the Swissfranc, threatening their wealth. (Click on the icon

to copy the table below into a spreadsheet.)

Exchange Rates	Nov. 7, 2013	Nov. 7, 2014	Dec. 4, 2014	Dec. 16, 2014	Dec. 24, 2014	Jan. 16, 2015
Russian rubles per Swiss franc	35.286	48.252	56.255	70.282	55.366	76.641
Russian rubles per U.S. dollar	32.404	46.729	54.418	67.506	54.619	65.074
U.S. dollars per Swiss franc	1.0889	1.0326	1.0338	1.0411	1.0137	1.1778