Q 12 and Q 13 both relate to the following information:

A customer, Kangaroo Inc, asks Citibank to quote Kangaroo Inc the spot exchange rate for the Brazilian real (BZR) against the South African Rand (SAR) and to quote the rate as the number of SAR per BZR. Kangaroo Inc has not said which direction they want to trade so Citibank quotes a bid and an ask rate. Citibank quotes the rate as 3.35 - 3.37.

Suppose Kangaroo Inc decides to sell 12 mio SAR to Citibank.

Q 12: At what rate do they trade?

Q 13 also relates to this and will ask you "How many BZR does Kangaroo Inc receive from Citibank. Give your answer to the nearest BZR."

Q 13 relates to the information in Q 12.

How many BZR does Kangaroo Inc receive from Citibank. Give your answer to the nearest BZR. Hint: Don't round your answers as you go along or your answer may not be correct to the nearest BZR.