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Fundamentals of Financial Manageme...

15th Edition
Eugene F. Brigham + 1 other
ISBN: 9781337395250

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BuyFindarrow_forward

Fundamentals of Financial Manageme...

15th Edition
Eugene F. Brigham + 1 other
ISBN: 9781337395250
Textbook Problem

EXCHANGE RATE If British pounds sell for $1.30 (U.S.) per pound, what should dollars sell for in pounds per dollar?

Summary Introduction

To determine: The exchange rate of US dollar for a pound.

Introduction:

Exchange Rate:

The rate which indicates the conversion rate for the currency of a country which can be obtained in exchange of currency of another country is an exchange rate.

Explanation

Given information:

The exchange rate of pound in US dollars is $1.53 per pound.

Formula to calculate the exchange rate of US dollars in pounds,

Exchange rate of US dollar in pond=1Exchange rate of pond in US dollar

Substitute $1

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