I have $3,000 in FXCM (Foreign Exchange Market). I am considering converting dollar to Euro now. The

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I have $3,000 in FXCM (Foreign Exchange Market). I am considering converting dollar to Euro now. The rate I apply now (first exchange rate conversion) is 0.9 Euro/$. In the evening, I bet the rate will be favorable to me. Let's assume there are no service fees about this process.

If I strongly believe in my speculation, and I want to make at least $200 profit from this process.

What should be the exchange rate for the 2nd conversion to meet my profit target?

Related Book For answer-question

Macroeconomics Principles, Applications, and Tools

ISBN: 978-0132555234

7th Edition

Authors: Arthur O Sullivan, Steven M. Sheffrin, Stephen J. Perez

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Posted Date: May 25, 2023 06:23 AM

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I have $3,000 in FXCM (Foreign Exchange Market). I am considering converting dollar to Euro now. The

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Expert Answer:

To determine the exchange rate needed for the second conversion to meet your profit target lets calc... View the full answer

Macroeconomics Principles, Applications, and Tools

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