Please state the answers and work clearly. thank you.

1. (Ch. 3) Cross Exchange Rate. Assume USD 1 is worth 74.315 Argentine Peso (ARS), and USD 1 is also worth 771.40 Chilean Peso (CLP). What is the definition of the cross rate ARSCLP? ( 4 points) How much is the cross rate ARSCLP? ( 4 points) 2. (Ch. 3) Bid-Ask Spread. You and your sister, Jane, plan to participate in the "Study Abroad" program this winter. You plan to go to Frankfurt, Germany and Jane will visit Tokyo, Japan. Both of you need to transfer your USD to the respective foreign currency right now. Here is the market data: EURUSD spot rate: the big figure is 1.19; market quotes are: 92/95. USDJPY spot rate: the big figure is 106; market quotes are: 65/68. a. What is the exchange rate that you will use to buy EUR? (4 points) What is your bid-ask spread in percentage? ( 4 points) b. What is the exchange rate that Jane will use to buy JPY? ( 4 points) What is her bid-ask spread in percentage? ( 4 points) c. What are the EURJPY cross-exchange bid and ask rates, assuming there is no transaction cost, and the liquidity is very similar? (make sure you use the correct bid or ask rate)( 8 points) What is the bid-ask spread in percentage for EURJPY? ( 2 points)