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Currency exchange rates. You are taking a trip to six European countries. It is a ten-day trip, and you are taking $3,600. The current direct conversion rate is $1.3487 for euros. While in Europe, you spend €2,507.91. You convert your remaining euros back to U.S. dollars upon your return. If the exchange rates remained the same over your trip, how much do you have left in U.S. dollars? How much do you have left in U.S. dollars after the trip?

Currency exchange rates. You are taking a trip to six European countries. It is a ten-day trip, and you are taking $3,600. The current direct conversion rate is $1.3487 for euros. While in Europe, you spend €2,507.91. You convert your remaining euros back to U.S. dollars upon your return. If the exchange rates remained the same over your trip, how much do you have left in U.S. dollars? How much do you have left in U.S. dollars after the trip?

International Financial Management
International Financial Management
14th Edition
ISBN:9780357130698
Author:Madura
Publisher:Madura
Chapter4: Exchange Rate Determination
Section: Chapter Questions
Problem 25QA
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Currency exchange rates. You are taking a trip to six European countries. It is a ten-day trip, and you are taking $3,600. The current direct conversion rate is $1.3487 for euros. While in Europe, you spend €2,507.91. You convert your remaining euros back to U.S. dollars upon your return. If the exchange rates remained the same over your trip, how much do you have left in U.S. dollars? How much do you have left in U.S. dollars after the trip? (Round to the nearest cent.)
Transcribed Image Text:Currency exchange rates. You are taking a trip to six European countries. It is a ten-day trip, and you are taking $3,600. The current direct conversion rate is $1.3487 for euros. While in Europe, you spend €2,507.91. You convert your remaining euros back to U.S. dollars upon your return. If the exchange rates remained the same over your trip, how much do you have left in U.S. dollars? How much do you have left in U.S. dollars after the trip? (Round to the nearest cent.)
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