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Problem # 1 Assume that you are planning a trip to Tokyo next week. You currently have $ 6 0 0 0 cash and exchange

Problem #1
Assume that you are planning a trip to Tokyo next week. You currently have $6000 cash and exchange the dollar
currency for Japanese Yen at XYZ Global Bank. The current bid for Japanese Yen is 109 per $ and the ask rate is 106 per
$.
What is the bid/ask spread?
What is the Yen value "purchased" upon the exchange?
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