Which of the following independent statements are true? Select one:

a. A foreign currency will on average, appreciate at a percentage rate approximately equal to the amount by which its inflation rate exceeds the inflation rate in the United States.

b. If the current spot rate is 10 Mexican Pesos/US$ and is likely to move to 12.2773 Mexican Pesos/US$ in the next 3 months, the Mexican Peso is likely to appreciate against US$. c. If you enter in an agreement to buy Japanese Yen for US dollars 90 days from now at a rate of 60/US$ is an example of an indirect quote

d. The cost of capital is generally lower for a foreign project than for an equivalent domestic project since the possibility of exchange gains exists