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What is the cross rate between the Yen and the Peso?

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A currency trader observes that in the spot exchange market, 1 U.S. dollar can be exchanged for 9 Mexican pesos or for 111.23 Japanese yen. What is the cross rate between the yen and the peso; that is, how many yen would you receive for every peso exchanged?

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This solution explains the calculations for the cross rate between the Yen and the Peso and how many yen would you receive for every peso exchanged.

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Cross rates

A currency trader observes that in the spot exchange market, 1 U.S. dollar can be exchanged ...

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