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1) How many bilateral FX rates can be created using 6 currencies?2) If the U.S. $ price of the Yen is $.0042, what is the Yen price of the U.S. $?3) Describe the basic features and compare the important time series properties of the (a) market FX rates, (b) real FX rates, and (c) PPP (calculated) FX rates under floating rate regimes1) How many bilateral FX rates can be created using 6 currencies?Answer: 362) If the U.S. $ price of the Yen is $.0042, what is the Yen price of the U.S. $?Answer: 238.093) Describe the basic…