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I am preparing for a exam and I need help with this question please.

It is attached assignment 2 question 3

Kent plc. is a large UK firm with no international business. It has two branches within the UK, a southern branch and a northern branch. Each branch currently makes investing or financing decisions independently, as if it were a separate entity.

The northern branch has excess cash of £15 million to invest for the next year. It can invest its funds in Treasury bills denominated in pounds or in any of four foreign currencies. The only restriction enforced by the parent is that a maximum of £5 million can be invested or financed in any foreign currency.

The southern branch needs to borrow £15 million over one year to support its UK operations. It can borrow funds in any of these same currencies (although any foreign funds borrowed would need to be converted to pounds to finance the UK operations). The only restriction enforced by the parent is that a maximum equivalent of £5 million can be borrowed in any single currency.


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