Table 11.12 gives hypothetical dollar/franc exchange values for Wednesday, May 5, 2008.

a. Fill in the last two columns of the table with the reciprocal price of the dollar in terms of the franc.

b. On Wednesday, the spot price of the two currencies was_____ dollars per franc, or ________francs per dollar.

c. From Tuesday to Wednesday, in the spot market the dollar (appreciated/depreciated) against the franc; the franc (appreciated/depreciated) against the dollar

d. In Wednesdays spot market, the cost of buying 100 francs was _____dollars; the cost of buying 100 dollars was _____francs.

e. On Wednesday, the 30-day forward franc was at a (premium/discount) of _____dollars, which equaled____ percent on an annual basis. What about the 90-day forward franc?