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A currency trader observes that in the spot exchange market

A currency trader observes that in the spot exchange market, 1 U.S. dollar can be exchanged for 9 Mexican pesos or for 111.23 Japanese yen. What is the cross exchange rate between the yen and the peso; that is, how many yen would you receive for every peso exchanged?

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Finance Basics: A currency trader observes that in the spot exchange market

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