In 1923, one ounce of gold cost 380 French francs (FRF). If, at the same time one ounce of gold could be purchased in Britain for GBP4.50, what was the exchange rate between the French franc and the British pound? Assumptions Price of an ounce of gold in French frans (FRF/oz) Price of an ounce of gold in Sterling Pounds (GBP/oz) Values FRF 380.00 4.50

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