Rio Games and the Brazilian Real.Ryan Lock had planned his trip to the Olympic Games in Rio
Question:
Rio Games and the Brazilian Real. Ryan Lock had planned his trip to the Olympic Games in Rio de Janeiro, Brazil, for many months. He had budgeted and saved
$16,600 for expenses while in Rio. But he had postponed exchanging the dollars for Brazilian currency, real (BRL or R$), until the very last minute on August 8th, doing it in the airport in the United States at
BRL 3.1185=1.00 USD.
Given the following average monthly exchange rates in 2016, when should he have exchanged the dollars for real to maximize his Brazilian spending money? (Click on the
icon to import the table into a spreadsheet.)
Month | BRL=1.00 USD | Month | BRL=1.00 USD | |
January | 4.0563 | May | 3.5652 | |
February | 3.9319 | June | 3.5038 | |
March | 3.7143 | July | 3.3309 | |
April | 3.5594 |
Question content area bottom
Part 1
The Brazilian real proceeds from exchange in January is BRL enter your response here. (Round to two decimal places.)
Accounting Texts and Cases
ISBN: 978-1259097126
13th edition
Authors: Robert Anthony, David Hawkins, Kenneth Merchant