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4. The following spot FX rates were reported on October 25, 2013.

Japanese Yen British Pound Australian Dollar U.S. dollar 0.010267 1.616500 0.957900
Note: The exchange rates indicate the number of U.S. dollars necessary to purchase one unit of the foreign currency.

a. From the perspective ofa U.S. investor, are the preceding FX rates direct or indirect quotations?

b. How much of each of the foreign currencies is needed to buy one U.S. dollar?

5. For the exchange rates in question 4, calculate the theoretical cross rates between:

a. the Australian dollar and the Japanese yen,

b. the Australian dollar and the British pound, and

c. the Japanese yen and the British pound.

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