Spot bid-ask bid-ask DEM Suppose you are quoted the following DEM/FC spot and forward rates: 3-mo. forward p.a. 3 month 6-mo. forward p.a. 6-month Euro-interest 5.47-5.82 Euro-interest bid-ask 5.65-5.90 USD 0.5791-0.5835 0.5821-0.5867 3.63-3.88 0.5839-0.5895 3.94 4.19 ECU 0.5120-0.5159 0.5103-0.5142 6.08-6.33 0.5101-0.5146 5.60-6.25 FFR 3.3890-3.4150 3.3350-3.4410 JPY 0.5973-0.6033 0.5987-0.5025 0.3924-0.3954 0.3933-0.3989 6.05-6.30 3.3720-3.4110 5.93-6.18 1.71-1.96 0.5023-0.5099 2.47-2.75 5.09-5.34 0.3929-0.3001 5.10-5.35 GBP *The DEM/JPY exchange rate is for 100 JPY. (a) What are the three-month synthetic-forward DEM/USD bid-ask rates? (b) What are the six-month synthetic-forward DEM/ECU bid-ask rates? (c) What are the six-month synthetic-forward DEM/FFR bid-ask rates? (d) What are the three-month synthetic-forward DEM/JPY bid-ask rates? (e) In (a)-(d), are there any arbitrage opportunities? Are there opportunities for least-cost dealing at the synthetic rate?