Zerart is a U.S. firm that plans to establish international business in which it will export to Mexico (these exports will be denominated in pesos) and to Canada (these exports will be denominated in Canadian dollars) once a month and will therefore receive payments once a month. It is concerned about exchange rate risk. It wants to compare the standard deviation of exchange rate movements of these two currencies against the dollar on a monthly basis. Assume that you obtain the end-of-month spot exchange rates of the Canadian dollar and the Mexican peso during the end of each of the last 12 months. End of Month 1 2 3 4 5 11 Value of Canadian dollar $0.7649 0.7664 0.7422 0.7329 0.7351 0.7602 0.7684 0.7320 0.7302 0.7315 0.7516 0.7577 Value of Mexican peso $0.04966 0.05191 0.05020 0.05270 0.05262 0.05212 0.05009 0.05285 0.04890 0.05001 0.04823 0.04960 6 7 8 9 9 10 11 12 a. Estimate the standard deviation of the monthly movements in the Canadian dollar against the U.S. dollar over the last 12 months. Do not round intermediate calculations. Round your answer to two decimal places. b. Estimate the standard deviation of the monthly movements in the Mexican peso against the U.S. dollar over the last 12 months. Do not round intermediate calculations. Round your answer to two decimal places. % c. Determine which currency is less volatile. c The -Select- vis less volatile