a. Based on the exchange rates in the table in Problem 20, to then earest0.01%, what was the percent transaction cost on your purchase of £250 from each of the Royal Bank and ICE? On any currency exchange transaction, ICE applies a C$3.50 service charge.
b. YoureturnedfromyourtriptoScotlandwith£16.Assumingtheexchangerates remained the same, what percent transaction cost would you have paid to convert £16 back to C$ at the Royal Bank and at ICE?