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3. At the end of February 2020, a three-person team of analysts (Terry, Jake, and Chloe) met to forecast the future mwement of the South African and versus the USD. Helow is a graph showing the historical evolution of the USD/ZAR exchange rate compared to its PPP predicted evolution from Feb. 2015 through February 2120, when the nominal quoted exchange rate was 15.20 and the PPP consistent exchange rate was 14.40. Also shown are the 3,649 and 12 month forwand exchange antes quoted at the end of February USD/ZAR exchange rate data, inverted vertical scale 11 11.73 12 Nominal PPP consistent Forward 13 14 at 14.40 15.20 15 16 17 Feb-15 Aug-15 Feb. 16 Aug-16 Aug 17 Feb 18 Aug-18 Feb-19 -Aug19 Feb 20 Aug-20 Feb-21 -12 B a) Which country had higher inflation wer the Feb. 2015-Feb. 2020 pened? AX. South Africa United States b) Identify periods when ) the ZAR was undervalued by PPP, in) overvalued, and ii) experienced mean -16 Undervalued rever A c) Based on PPP, the quotext nominal spot rate of USD/ZAR 15.20 in Feb. 21/20 appeared to be 228% undervalued . 5.3% undervalued C_5.6% overvalued D_29.6% overvalued d) Teri, a financial research analyst, relied on the expectations bypotesis to forecast moments of the exchange rate wer the next year. Identify Teti's forecast of the USD/ZAR exchange rate twelve months later in Feb. 2121 USD/ZAR 16.00 =) Jake, another a research analyst, relict on matin pardose power parin to forecast exchange rate estimated future inflation to be 21% in the United States and 67% in South Africa. Identify forecast of the USD/ZAR spot exchange rate for feb. 2021. USD/ZAR Chloe strongly believed that wer the following twelve months www row of the real USD/ZAR exchange rate was highly likely to cur. Briefly discuss why Chloe's forecast for the ZAR's movement over the next twelve months differed from Ten's and Jake's respective forecasts. 3 3. At the end of February 2020, a three-person team of analysts (Terry, Jake, and Chloe) met to forecast the future mwement of the South African and versus the USD. Helow is a graph showing the historical evolution of the USD/ZAR exchange rate compared to its PPP predicted evolution from Feb. 2015 through February 2120, when the nominal quoted exchange rate was 15.20 and the PPP consistent exchange rate was 14.40. Also shown are the 3,649 and 12 month forwand exchange antes quoted at the end of February USD/ZAR exchange rate data, inverted vertical scale 11 11.73 12 Nominal PPP consistent Forward 13 14 at 14.40 15.20 15 16 17 Feb-15 Aug-15 Feb. 16 Aug-16 Aug 17 Feb 18 Aug-18 Feb-19 -Aug19 Feb 20 Aug-20 Feb-21 -12 B a) Which country had higher inflation wer the Feb. 2015-Feb. 2020 pened? AX. South Africa United States b) Identify periods when ) the ZAR was undervalued by PPP, in) overvalued, and ii) experienced mean -16 Undervalued rever A c) Based on PPP, the quotext nominal spot rate of USD/ZAR 15.20 in Feb. 21/20 appeared to be 228% undervalued . 5.3% undervalued C_5.6% overvalued D_29.6% overvalued d) Teri, a financial research analyst, relied on the expectations bypotesis to forecast moments of the exchange rate wer the next year. Identify Teti's forecast of the USD/ZAR exchange rate twelve months later in Feb. 2121 USD/ZAR 16.00 =) Jake, another a research analyst, relict on matin pardose power parin to forecast exchange rate estimated future inflation to be 21% in the United States and 67% in South Africa. Identify forecast of the USD/ZAR spot exchange rate for feb. 2021. USD/ZAR Chloe strongly believed that wer the following twelve months www row of the real USD/ZAR exchange rate was highly likely to cur. Briefly discuss why Chloe's forecast for the ZAR's movement over the next twelve months differed from Ten's and Jake's respective forecasts. 3