SUBMISSION DATE: WEEK 9,28 October 2022, FRIDAY, 6PM. MODE OF SUBMISSION: SOFTCOPY VIA TURNITIN \& HARDCOPY AT DESIGNATED DROPBOX LEVEL 2, BLOCK E. Exchange rate is the price of one currency expressed in terms of another currency and it is determined by the supply and demand of each country's currency. Currencies can be traded in the spot or forward market. In most currency markets. many currency pairs are inactively traded and so their exchange rate can be determined through their relation relative to a widely traded fhird currency. a) ABC Bank has the following quotations for the US Dollar and Indonesian Rupiah. The following information provided several different exchange rate circumstances for currency transaction. You are required to show your-workings based on the given information of the currency exchange rates. (9 marks) i) Calculate the forward outright bid and offer rates for the above quotations. ii) Determine the amount in MYR you would exchange with IDR 700,000 today. iii) Determine the annualized premium (discount) on the three months forward bid rates for MYR/USD and MYR/IDR100. iv) Compute the percentage bid-offer spread on the MYR/USD and MYR/IDR100 spot rates. v) Determine the one month forward cross rate for IDR/USD. Also answer the following questions based on the rubric. (16 marks) b) The foreign exchange market is a global decentralized market that provides the physical and institutional structure through which currencies are traded. It assists intemational frade and investments by enabling currency conversion. As we know that exchange rates vary because of numerous reasons. Discuss in detail four (4) common theories that elucidate exchange rates movements