Problem:
At today's spot exchange rates 1 U.S. dollar can be exchanged for 12 Mexican pesos or for 110.77 Japanese yen. You have pesos that you would like to exchange for yen.
Required:
Question: What is the cross rate between the yen and the peso; that is, how many yen would you receive for every peso exchanged?
Note: Please provide equation and explain comprehensively and give step by step solution.