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QUESTION
Bullock Co. invests 5,000,000 South African rand at a nominal interest rate of 12 percent. At the time the investment is made, the spot rate of the...
Bullock Co. invests 5,000,000 South African rand at a nominal interest rate of 12 percent. At the time the investment is made, the spot rate of the rand is $.065. If the spot rate of the rand at maturity of the investment is $.062, what is the effective yield of investing in rand?
