CHAPTER 3: RATES OF RETURN

If the exchange rate in September is 6.5 Ffr/$, then your award for the first year is worth only $9230.77. But if the rate declines to 5.5 Ffr/$, then the award is worth $10,909.09. In your second year, a risk you face in addition to the exchange-rate risk is the risk that that tuition might increase. ................
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