Question: a. Based on the exchange rates in the table in Problem 20, to the nearest 0.01%, what was the percent transaction cost on your purchase

a. Based on the exchange rates in the table in Problem 20, to the nearest 0.01%, what was the percent transaction cost on your purchase of €1100 from each of the Royal Bank and ICE? On any currency exchange transaction, ICE applies a C$3.50 service charge.
b. You returned from your trip to Italy with €53. Assuming the exchange rates remained the same, what percent transaction cost would you have paid to convert €53 back to C$ at the Royal Bank and at ICE?

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a At the midrate 1100 would cost 1100 x C1551 1 C170610 At the Ro... View full answer

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