Question: 1 . On June 5 , 2 0 X 1 , the exchange rate between the Canadian dollar ( $ ) and the British pound

1. On June 5,20X1, the exchange rate between the Canadian dollar ($) and the British pound () was
$1.70/. One month later, July 5,20X1, the same exchange rate was quoted at $1.65/. From this we can conclude that:
(1) over the month, the British pound has gained value against the Canadian dollar.
(2) on July 5,20X1, one Canadian dollar was worth more than 0.700 British pounds.
(3) on July 5,20X1, one Canadian dollar was worth less than 0.588 British pounds.
(4) on June 5,20X1, one Canadian dollar was worth 0.588 British pounds.

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