Christopher planned to travel to Australia from Canada and purchased 6,000 Australian dollars. A week later,...
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Christopher planned to travel to Australia from Canada and purchased 6,000 Australian dollars. A week later, he decided to cancel his trip and wanted to convert his Australian dollars back to Canadian dollars, at the same bank. Assume that the bank charged commission of 0.50% to sell and 0.75% to buy currencies and assume that the exchange rate was C$1 = A$ 1.0295. a. How many Canadian dollars would Christopher receive after the conversion? $5,784.36 Round to the nearest cent b. How much did he gain or lose by converting the money twice? Christopher planned to travel to Australia from Canada and purchased 6,000 Australian dollars. A week later, he decided to cancel his trip and wanted to convert his Australian dollars back to Canadian dollars, at the same bank. Assume that the bank charged commission of 0.50% to sell and 0.75% to buy currencies and assume that the exchange rate was C$1 = A$ 1.0295. a. How many Canadian dollars would Christopher receive after the conversion? $5,784.36 Round to the nearest cent b. How much did he gain or lose by converting the money twice?
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Related Book For
Intermediate Accounting Volume 1
ISBN: 9781260306743
7th Edition
Authors: Thomas H. Beechy, Joan E. Conrod, Elizabeth Farrell, Ingrid McLeod Dick
Posted Date:
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