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Problem 17-01 Cross Rates At today's spot exchange rates 1 U.S. dollar can be exchanged for 11 Mexican pesos or for 111.68 Japanese yen. You

Problem 17-01

Cross Rates

At today's spot exchange rates 1 U.S. dollar can be exchanged for 11 Mexican pesos or for 111.68 Japanese yen. You have pesos that you would like to exchange for yen. What is the cross rate between the yen and the peso; that is, how many yen would you receive for every peso exchanged?

Round your answer to two decimal places.

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