question archive Consider the following forecasted and realised values of Malaysian ringgit (MYR) and Chinese yuan (CNY) against the Australian dollar (A$) during one period
Consider the following forecasted and realised values of Malaysian ringgit (MYR) and Chinese yuan (CNY) against the Australian dollar (A$) during one period
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Consider the following forecasted and realised values of Malaysian ringgit (MYR) and Chinese yuan (CNY) against the Australian dollar (A$) during one period. What is the difference between the MYR forecast error and the CNY forecast error? Calculate the forecast error difference in a percentage. (enter the two decimal number without sign and symbol)
|
Forecasted value |
Realised value |
|
|
Malaysian ringgit |
A$0.4798 |
A$0.5338 |
|
Chinese yuan |
A$0.2591 |
A$0.2601 |
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Answer:
Forecast error is calculated as: (Forecasted value-Realised value)/Realised value.
Forecast error of MYR= (0.4798-0.5338)/0.5338= -10.12%
Forecast error of CNY= (0.2591-0.2601)/0.2601= -0.38%
Forecast error difference= (-10.12%)-(-0.38%)= -9.73%
Two decimal number to be entered in percentage= 9.73
