Q2 Three-years ago the USD/SGD exchange rate was 1.3099 and today the exchange rate now sits at USD/SGD 1.3361. Singapore inflation has been at rates of -0.41%, 0.57% and 0.44% over the last 3 years. In the U.S., the inflation rates have been 1.25%, 1.81% and 2.44%. (a) Calculate today's real FX value of the SGD adjusted for the past three year's inflation differential (show all working). Your goal is to find a value comparable to the exchange rate three years ago. (b) Has the SGD appreciated or depreciated in real terms over the three-year period against the US Dollar? You must demonstrate and explain how it is that you know this. By how much has the SGD's value changed in real terms (answer as a percentage)? Q2 Three-years ago the USD/SGD exchange rate was 1.3099 and today the exchange rate now sits at USD/SGD 1.3361. Singapore inflation has been at rates of -0.41%, 0.57% and 0.44% over the last 3 years. In the U.S., the inflation rates have been 1.25%, 1.81% and 2.44%. (a) Calculate today's real FX value of the SGD adjusted for the past three year's inflation differential (show all working). Your goal is to find a value comparable to the exchange rate three years ago. (b) Has the SGD appreciated or depreciated in real terms over the three-year period against the US Dollar? You must demonstrate and explain how it is that you know this. By how much has the SGD's value changed in real terms (answer as a percentage)