The following data is relevant for problems 2-4

The following data is relevant for problems 2-4Blundell Biotech is a U.S.-based biotechnology company with operations and earnings in a number of foreign countries. The company’s profits by subsidiary, in local currency (in millions), are shown in the following table for 2015 and 2016.Net incomeJapanese subsidiaryEuropean subsidiaryChinese subsidiary2015JPY 2,500EUR 4,000Yuan 3,0002016JPY 2,400EUR 3,900Yuan 2,800The average exchange rate for each year by currency pairs was the followingExchange rate2015JPY 100/USDEUR 0.9/USDYUAN 170/USD2016JPY 90/USDEUR 0.8/USDYUAN 150/USD1. The $ profit in 2015 compare to 2016 increased by:10%9.6%8%None of the above2. The profit in “constant prices” (2015 exchange rate) increased by:5.74%-5.5%-2.5%none of the above3. Using the results from 2 and 3 what percentage of change in profits can be attributed to the change in exchange rate4.9%5.74%12.5%none

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