QUESTION 3 (UNIT 2) (25 MARKS) a) Define and give an example of the following: i. Bid rate quote ii. Ask rate quote (4 marks) b) Use the exchange rate table from Reuter as at 4 July 2020 (11.45 am) to answer the following question: Currency USD Hong Kong Dollar HKD 7.7492 Australian Dollar AUD 1.4395 Canadian Dollar CAD 1.3545 Swiss Franc CHF 0.9457 Great Britain Pound GBP 0.8008 Japanese Yen JPY 107.48 Euro EUR 0.8889 Malaysian Ringgit MYR 4.2850 New Zealand Dollar NZD 1.5298 Russia Ruble RUB 71.2680 Thai Baht THB 31.100 Polish Zloty PLN 3.9642 Norwegian Krone NOK 9.4732 US Dollar USD 1.0000 Table 1: Currency Pairs Source: Reuter as at 4 July 2020 11.45 am Compute the following cross rate: i. Hong Kong Dollar per Australian Dollar. Russia Ruble per Canadian Dollar. iii. Japanese Yen per Great Britain Pound. iv. Malaysian Ringgit per Euro. Swiss Franc per New Zealand Dollar. vi. Thai Baht per Polish Zloty. vii. US Dollar per Norwegian Krone. V. (21 marks)