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-exchange rate between the yen and the peso; that is, how many yen would you receive for every peso exchanged??
First write the equation between the dollar-Yen and dollar - peso
1 U.S. dollar can be exchanged for 9 ...
The solution explains on how to calculate the cross exchange rate among currencies.