You have been accepted to the London School of Economics. After grants and scholarships, the tuition is 20,000 in two payments, 10,000 on July 1 and 10,000 on November 1. Your friend in Great Britain has been accepted to Boston University. After grants and scholarships, the tuition is $20,000 in two payments, $10,000 on July 1 and $10,000 on November 1. The exchange rate on July 1 is $1 = 0.94 (European Terms) or 1.00 = $1.0638 (American Terms). What is the amount of US Dollars you will need to exchange into British Pounds to pay tuition on July 1 to the London School of Economics?

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