Suppose that on March $9$th at $10$:$00$ AM a glitch in the system was preventing the traders in Zurich $($Switzerland$)$ from seeing the best bid$/$ask rates for the USD$/$NOK exchange rate. However, traders could see the best bid$/$ask rates for the CHF$/$USD and CHF$/$NOK exchange rates, namely:

CHF$/$USD $0\mathrm{.}9221-26$

CHF$/$NOK $1\mathrm{.}1015-35$

Question $1$: While traders could not see the USD$/$NOK rates, they could infer them from the CHF$/$USD and CHF$/$NOK rates. What should be the market$-$implied best bid$/$ask rates for the USD$/$NOK exchange rate?

Answer:

Choose one of the following answers: $A,B,C$ or D

$A=0\mathrm{.}8371-76$

$B=1\mathrm{.}0157-181$

$=1\mathrm{.}1939-67$

$D=1\mathrm{.}1935-54$