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Exercise 1.12. Suppose that you can exchange Japanese yen for US dollars and dollars for...

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Exercise 1.12. Suppose that you can exchange Japanese yen for US dollars and dollars for yen at the rate of 120 yen per dollar, exchange US dollars for British pounds and pounds for dollars at the rate of $1.85 per pound, > and also exchange British pounds for euros and euros for pounds at the rate of 1.55 euros per pound. No fees are charged to make exchanges. Assuming that there is no arbitrage, what should the exchange rate be for converting euros to yen. (Express your answer in terms of yen per euro.)

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