Question: Question 4 (2+1 marks): A speculator (US-based) has just completed transactions in Belgium and England. He is now holding 2,750,000 and 3,900,000 and wants to

Question 4 (2+1 marks): A speculator (US-based) has just completed transactions in Belgium and England. He is now holding 2,750,000 and 3,900,000 and wants to convert to U.S. dollars. His currency dealer provides this quotation: GBP $1.3251 $1.3275 USD 0.9235 0.9265 Assuming no other fees, what are his proceeds from conversion? Discuss (briefly) the answer.

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