Question 3. Mr Quaye have visited London and purchased a Jaguar for 45,000, payable on the spot with any of the International Credit Card or in three months. Mr Quaye has enough dollar cash in his bank in Ghana to pay for the car. The current spot exchange rate is $1.45/ and the three month forward exchange rate is $1.40/. He has two alternatives to consider, spot payment and forward contract Required: i. How much dollar has he used to pay for the Jaguar on the spot? (4Marks) ii How much dollar would he used to pay for the Jaguar under three month forward contract (4 Marks) (1). If in Ghana the money market interest rate is 28% for a three month investment and you have decided to invest the 45,000 in a demand deposit account. Calculate how much in dollar interest would have earned? (4Marks) (e) First Rate Limited's direct selling rate of the pound sterling in Ghana is GH5.2 to 100 and the direct buying rate is GH5.0 to 1.00 Required: Compute the percentage bid-asked spread in Ghana if First Rate Limited sold 500. in a week (4Marks)