The following table presents the mid-rates, the Royal Bank's buy and sell rates, and a currency exchange

Question:

The following table presents the mid-rates, the Royal Bank's buy and sell rates, and a currency exchange kiosk at Toronto's Pearson International Airport on the same date for conversions between the Canadian dollar and three other major currencies.

Royal Bank Airport Currency Exchange Kiosk Mid-rate Buy rate Sell rate Buy rate Sell rate C$1.3324 / US$1 C$1.2871 / US$1 C$1.3669 / US$1 C1.2670 / US$1 C$1.4035 / US$1 C$2.0180 / £1 C$1.9520 / £1 C$2.0863 / £1 C$1.8064 / £1 C$2.2134 / £1 C$1.4587 / €1 C$1.4000 /

a. As a percentage of the mid-rate, calculate to the nearest U.01% the percent spread (between buy and sell rates) on U.S.-dollar conversions for each of the Royal Bank and the airport kiosk.

b. As a percentage of the mid-rate, calculate the percent buy-sell spread on British pound conversions for each of the Royal Bank and the airport kiosk.

c. As a percentage of the mid-rate, calculate the percent buy-sell spread on euro con-versions for each of the Royal Bank and the airport kiosk.

If the necessary exchange rates are not given in problem, use the exchange rates in Table 3.2.

Table 3.2.