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Suppose Ana (a U.S. Investor) purchases a 1 year Euro-commercial paper with a par value of 10,000,000 Brazilian reals for a price of 9,980,000 Brazilian

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Suppose Ana (a U.S. Investor) purchases a 1 year Euro-commercial paper with a par value of 10,000,000 Brazilian reals for a price of 9,980,000 Brazilian reals. If the real is worth $0.28, the spot rate is anticipated to be $0.299600 per real at the end of maturity, and Ana holds the Euro-commercial paper until then, the effective yieldie: O 9.79% 7.21% O 11.42 08.01

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