you and your sister, jenny, plan to participate in the "study abroad" program this winter. you plant to go to London, U.K., and will visit Paris, France. Both of you need to transfer your USD to the respective foreign currency right now. Here is the market data:

GBPUSD spot rate: the big figure is 1.29; the market quotes are: 24/28.

EURUSD spot rate: the big figure is 1.19: market quotes are: 67/68

1. what is the exchange rate that you will use to by GBP? what is your bid-ask spread in percentage?
2. what is the exchange rate that Jenny will use to buy EUR? what is he bid-ask spread in percentage?
3. what are the EURGBP cross-exchange bid and ask rate, assuming there is no transaction cost, and the liquidity is very similar? What is the bid-ask spread in percentage for EURGBP?