Two-years ago the USD/SGD exchange rate was 1.43 and today the exchange rate now sits at USD/SGD 1.37. Singapore has had inflation of -0.18% and 2.31% in the past two years. Over the same period the U.S. has had inflation rates of 1.23% and 4.70%. Firstly: Has the USD appreciated or depreciated in nominal terms against the SGD? By what percentage has the nominal USD changed? Secondly: Showing all working - has the USD appreciated or depreciated in real terms over the two-year period against the SGD and what is the percentage size of any change? For the toolbar, press ALT+F10 (PC) or ALT+FN+F10 (Mac). Interest rates in Turkey are currently 14% p.a. and in India interest rates are currently offered at 4.4% p.a. Current exchange rates are USD/TRY 17.2154 and USD/INR 77.7500 The USD is currently selling at forward premium of 50% p.a. against the Turkish Lira (TRY). The USD is currently selling at a forward premium of 0.4% p.a. against the Indian Rupee (INR). Generate a two-year forecast for the value of the Turkish Lira in terms of Indian Rupees using Unbiased Forward Expectations. Show all workings.