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Suppose that Baltimore Machinery sold a drilling machine to a Swiss firm and gave the Swiss client a choice of paying either $ 1 3

Suppose that Baltimore Machinery sold a drilling machine to a Swiss firm and gave the Swiss client a choice of paying either $

13, 400

or SF

20, 100

in three months.

Required:

Baltimore Machinery effectively gave the Swiss client a free option to buy up to $

13, 400

using Swiss francs. What is the

implied

exercise exchange rate?

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