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答案和详解如下：

Q1. On a recent vacation, John Dorn exchanged $100 U.S. for euros. Dorn did not spend any of the euros, so at the end of the trip, he exchanged the euros back for dollars. If the bid-ask quote for euros during this period was 1.04-1.13, how many dollars did Dorn have at the end of the trip?

A)    $95.

B)    $108.

C)    $92.

Correct answer is C)

$100(bid 1.04 /USD) = $104

$104 / (ask 1.13/USD) = $92

Q2. A Hong Kong company needs to pay one of its suppliers 8,000,000 Indian rupees 90 days from now. The company is worried that rupees will appreciate during this time and decides to partially hedge its exchange rate risk by entering a contract to purchase half of the rupees 90 days into the future for a price of 5.9364 INR/HKD. The current exchange rate is 5.7921 INR/HKD.

90 days later, the exchange rate is 5.8764 INR/HKD. What is the gain/loss of entering this forward contract?

A)   6,880 HKD.

B)   −6,880 HKD.

C)   9,906 HKD.

Correct answer is A)

By entering into the forward contract, the company gained [(4,000,000 / 5.9364) − (4,000,000 / 5.8764)] = 6,880 HKD.

Q3. Which of the following statements about exchange rates is most accurate?

A)   Given the bid-ask spread between pesos and dollars is 6.0000-6.0025, and the bid-ask spread between pounds and dollars is 2.0000-2.0015, then the bid/ask spread between pesos and pounds is 2.875-2.934.

B)   The bid-ask spread is a function of breadth, depth, and volatility of the market for a currency.

C)   A bid of 8.000 pesos/dollar, means the bank will sell you a dollar for 8 pesos.

Correct answer is B)

When the bank bids they are buying and you are selling. Spot exchange rates, forward exchange rates, and interest rates are closely linked. The bid-ask spread between pesos and pounds is 6.0000/2.0015 = 2.9978 and 6.0025/2.0000 = 3.0013.

Q4. Which of the following statements about exchange rates is FALSE?

A)     In a perfect world, triangular currency arbitrage keeps exchange rates in equilibrium.

B)     Arbitrage cannot work effectively in the presence of government regulations hampering the flow of funds across borders.

C)     The gain or loss on a forward contract is directly related to the current spot rate.

Correct answer is C)

The gain or loss on a forward contract is unrelated to the spot rate. Gains or losses are measured relative to the forward contract rate, not the spot rate. Forward contracts call for delivery of a specified amount of a currency quoted against the dollar on a specific future date.