Copyright 2018 Cengage Learning. All Rights Reserved. May not be copied, scanned, or duplicated, in whole or in part. WCN 02-200-203 Direct Exchange Rates over Time Copyright 2018 Cengage Learning. All Rights Reserved. May not be copied, scanned, or duplicated, in whole or in part. WCN 02-200-203 Continued on Inside Back Cover Copyright 2018 Cengage Learning. All Rights Reserved. May not be copied, scanned, or duplicated, in whole or in part. WCN 02-200-203 Want to turn your C into an A? Obviously, right? But the right way to go about it isn’t always so obvious. Go digital to get the grades. MindTap’s customizable study tools and eTextbook give you everything you need all in one place. Engage with your course content, enjoy the flexibility of studying anytime and anywhere, stay connected to assignment due dates and instructor notifications with the MindTap Mobile app... and most of all…EARN BETTER GRADES. TO GET STARTED VISIT WWW.CENGAGE.COM/STUDENTS/MINDTAP Copyright 2018 Cengage Learning. All Rights Reserved. May not be copied, scanned, or duplicated, in whole or in part. WCN 02-200-203 International Financial Management Copyright 2018 Cengage Learning. All Rights Reserved. May not be copied, scanned, or duplicated, in whole or in part. WCN 02-200-203 Copyright 2018 Cengage Learning. All Rights Reserved. May not be copied, scanned, or duplicated, in whole or in part. WCN 02-200-203 International Financial Management 13th Edition Jeff Madura Florida Atlantic University Australia • Brazil • Mexico • Singapore • United Kingdom • United States Copyright 2018 Cengage Learning. All Rights Reserved. May not be copied, scanned, or duplicated, in whole or in part. WCN 02-200-203 InternationalFinancialManagement, ©2018,2015CengageLearning 13thEdition ALLRIGHTSRESERVED.Nopartofthisworkcoveredbythecopyright JeffMadura hereinmaybereproducedordistributedinanyformorbyanymeans, exceptaspermittedbyU.S.copyrightlaw,withoutthepriorwritten SVP,GeneralManagerforSocialSciences, permissionofthecopyrightowner. Humanities&Business:ErinJoyner ExecutiveProductDirector:MikeSchenk Forproductinformationandtechnologyassistance,contactusat Sr.ProductTeamManager:JoeSabatino CengageLearningCustomer&SalesSupport,1-800-354-9706. ProjectManager:JulieDierig Forpermissiontousematerialfromthistextorproduct, submitallrequestsonlineatwww.cengage.com/permissions. ContentDeveloper:StaceyLotkoski,MPS Furtherpermissionsquestionscanbee-mailedto ProductAssistant:DenisseAZavala-Rosales [email protected]. MarketingManager:NathanAnderson ContentProjectManager:NadiaSaloom Exceptwhereotherwisenoted,allcontentis©CengageLearning. MediaDeveloper:MarkHopkinson LibraryofCongressControlNumber:1234567890 ManufacturingPlanner:KevinKluck StudentEditionISBN:978-1-337-09973-8 MarketingCommunicationsManager: LooseLeafEditionISBN:978-1-337-26996-4 SarahGreber MarketingCoordinator:HillaryJohns CengageLearning ProductionService:LuminaDatamatics,Inc. 20ChannelCenterStreet Sr.ArtDirector:MicheleKunkler Boston,MA02210 USA InternalandCoverDesigner: TippyMcIntosh CoverImage:AleksandarGeorgiev/ CengageLearningisaleadingproviderofcustomizedlearning E+/GettyImages solutionswithemployeesresidinginnearly40differentcountries andsalesinmorethan125countriesaroundtheworld.Findyour IntellectualPropertyAnalyst: localrepresentativeatwww.cengage.com. BrittaniMorgan ProjectManager:NickBarrows CengageLearningproductsarerepresentedinCanadaby NelsonEducation,Ltd. TolearnmoreaboutCengageLearningSolutions,visit www.cengage.com. Purchaseanyofourproductsatyourlocalcollegestoreoratour preferredonlinestorewww.cengagebrain.com. Printed in Canada Print Number: 01 Print Year: 2016 Copyright 2018 Cengage Learning. All Rights Reserved. May not be copied, scanned, or duplicated, in whole or in part. WCN 02-200-203 Dedicated to my mother Irene Copyright 2018 Cengage Learning. All Rights Reserved. May not be copied, scanned, or duplicated, in whole or in part. WCN 02-200-203 Copyright 2018 Cengage Learning. All Rights Reserved. May not be copied, scanned, or duplicated, in whole or in part. WCN 02-200-203