A bank in London, Ontario charges 3.25% commission to buy and sell currencies. Assume that the current exchange rate is US$1%=C$1.3015. a. How many Canadian dollars will you receive from the bank if you sell US$1,320? Round to the nearest cent b. How much commission will you pay the bank for this transaction? Round to the nearest cent
A bank in London, Ontario charges 3.25% commission to buy and sell currencies. Assume that the current exchange rate is US$1%=C$1.3015. a. How many Canadian dollars will you receive from the bank if you sell US$1,320? Round to the nearest cent b. How much commission will you pay the bank for this transaction? Round to the nearest cent
Chapter22: International Financial Management
Section: Chapter Questions
Problem 8P
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