Light, sweet crude oil in the world market is U.S. dollar denominated. The price of oil is

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Light, sweet crude oil in the world market is U.S. dollar denominated. The price of oil is rising partially because the dollar is not worth what it used to be (i.e., the dollar is now worth less than last year or last month). If the dollar today is worth 0.75 euros in Europe (i.e., 1 euro = $1.333 U.S.), the value in euros of $67 U.S. per barrel oil is most nearly

(a) 40 euros per barrel

(b) 50 euros per barrel

(c) 60 euros per barrel

(d) 80 euros per barrel

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Engineering Economy

ISBN: 978-0133439274

16th edition

Authors: William G. Sullivan, Elin M. Wicks, C. Patrick Koelling

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